Apparel giant Carhartt will be waiting anxiously for the results of the Fort Worth City Council meeting on April 11. The nationally recognized blue-collar clothing brand is hoping to move into a 1.2mm square foot distribution center at 16101 Wolff Crossing, just north of Fort Worth Alliance airport and west of Texas Motor Speedway.
The City Council will be deciding upon a seven year tax-abatement plan for Carhartt, which would feature up to $2mm in benefits. Carhartt is projected to make $80mm in capital investments, which would equate to at least $50mm in taxable value. These projections indicate that the City of Fort Worth will recoup its investment within two years. Over ten years, the city is projected to enjoy almost $3.2mm in new tax revenue from the project net of incentives.
Should the project go through, 500 new jobs are expected to be created by its completion in 2025. For the Alliance area, this is just pouring jet fuel onto an area that is having no trouble taking off economically (pun painfully intended). The area has seen mass investment from names such as Gulfstream Aerospace, Target, and Hillwood, the latter being owned by the Perot family, who were the original planners of the Alliance neighborhood.
Perhaps most notably, Alliance is looking forward to the first ever rare earth metal, alloy, and magnet manufacturing facility in the United State, courtesy of MP Materials Corp. Operations there are expected to begin this year.
Logistics and heavy industry may not be the sexiest industries, but continued investment into these key sectors will hopefully serve to add a persistence factor to the rapid economic growth that the DFW are has enjoyed. Cap rate compression is coo, but superconductors are cooler (pun even more painfully intended).
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Finally, for no reason other than the love of aerospace engineering, enjoy photos of the products of two businesses with local facilities. Below are a Lockheed Martin/Boeing F-22 Raptor and a Bell V-280 Valor, the latter of which was selected by the US Army to replace the iconic Blackhawk helicopter, demonstrating their capabilities at AllianceTexas Aviation Expo: