0 Articles
0 News
0 Properties
0 Page
0 Blog

Wyoming company being considered for 5 years, $200,000 in tax abatements

Erin Mansfield - Tyler Morning Telegraph

The Wyoming-based company that is seeking to open a division in Tyler could receive more than $200,000 in tax abatements over five years.

The Smith County Tax Abatement Committee has recommended that the Wyoming Machinery Co.’s new division, Dragline Service Specialties, receive abatements.

Dragline Services Specialties is planning to open with one location just west of the Tyler city limits on U.S. Highway 64 and another division location in Wyoming, according to a press release.

 

The parent company, Wyoming Machinery Co., employs 600 people in Wyoming and is planning to grow its workforce throughout the country through its new division, the press release says.

Smith County often gives tax abatements to new businesses in exchange for hiring people. The tax abatements allow the company to forego paying all or part of their Smith County property taxes.

The abatements for Dragline Service Specialties would be for investing in a $14.9 million project that creates 88 new jobs. The value of the abatements over five years would be $201,597, according to the Tyler Economic Development Council.

The company would have 100 percent of its property taxes abated for two years, 80 percent abated for the following two years, and 50 percent of the property taxes abated for the fifth year.

The Smith County Commissioners Court is scheduled to consider the creation of a reinvestment zone and the abatements at a regular meeting at 9:30 a.m. Tuesday in the Smith County Courthouse Annex Building.

“(The company) plans to create 88 jobs for the Tyler facility: nine managers, 71 production employees and eight support positions and expects to begin operations Aug. 1 with 34 employees,” the Tyler Economic Development Council wrote in a memo to the commissioners court.

“These positions will consist of welders, mechanics, electricians, machinists, engineers, warehouse technicians, technical service reps, safety specialists, and administration staff,” the memo says. “Approximate annual salaries and benefits for the (Dragline Service Specialties) Tyler facility will be $10,000,000.”

 

Felecia Herndon, the vice president of finance for the Tyler Economic Development Council, said the council is excited about the jobs that are coming to the area because the jobs pay well and allow new people to move to the area.

“These are the kinds of jobs that we want to see in east Texas because these are highly skilled, high-paying jobs,” Herndon said. “These jobs (before) benefits will pay between $23 and $52 an hour, so they’re highly skilled.”

Rich Wheeler, the president and CEO of Wyoming Machinery Co., called the new division “a historic moment” for the company.

TWITTER and INSTAGRAM: @_erinmansfield