In a meeting that took place on Tuesday evening, BIDCorp discussed several big decisions and incentives for local businesses.
After an Executive Session that lasted over two hours, the board unanimously decided to award Texas Custom Wine Works a grant in the amount of $40,000 and a loan in the amount of $125,000 with a 0% interest rate to be paid over a five year period. The company will use the money to build infrastructure that will allow them to store and process more grapes and wine. The increased volume will also create six new jobs.
BIDCorp Director David Partlow told TownTalk that this is the first loan of this kind that BIDCorp has given. “We are not in the business of making money,” Partlow explained. “We are not a bank. Our job here is to help businesses grow.”
Next on the agenda, the Board authorized Director Partlow to continue deliberations with interested parties on the property located in the High Plains Winery Estate and report back at the next meeting for further action.
The Board also approved the following Brownfield Incentive Grant (BIG) payouts given that the required paper work is turned into the BIDCorp office: Ad Venture Marketing ($10,000), Bush’s Chicken ($60,000), Forever Fitness ($10,000), Next Door Rental ($5,000), and Steve Haralson ($10,000).
These grants are awarded to businesses that make significant building purchases or restorations. Priority is given to businesses in highly visible areas.
While the budget is depleted for the BIG Program this year, Director Partlow said that he is excited to replenish the money in October and offer the program to local businesses again.
Finally, the Board authorized Director Partlow to do an impact study for Project Panel. BIDCorp will hire Impact Data Source, LLC to complete the study. The study will examine how an unnamed, multimillion dollar company with the potential to come to Brownfield would impact the local economy. The study should be completed within 30 days, and Director Partlow will report the findings at the next meeting.