Fort Worth City Council to consider tax deal promoting Gulfstream, Elbit Systems growth

dfwnewsa | February 26, 2024 | 0 | Fort Worth , Fort Worth News

Fort Worth City Council to consider tax deal promoting Gulfstream, Elbit Systems growth

The 2019 G500 jet is manufactured by Gulfstream Aerospace. The company, which expanded to Alliance Airport and is planning another expansion nearby, is seeking a state tax-refund program. (Courtesy photo | Gulfstream Aerospace)
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Aerospace companies Gulfstream Aerospace and Elbit Systems of America are seeking a state incentive designed to encourage job growth. 

The Fort Worth City Council is considering nominating on Feb. 26 the companies for the Texas Enterprise Zone Program, a state sales and use tax refund program designed to encourage job growth in economically distressed areas.

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Gulfstream, which manufactures, repairs and sells business aircraft, opened a $55 million support center at Alliance Airport to service its planes and was considered for the Texas Enterprise Zone program last year. Instead, the company qualified for a Half Enterprise Project designation, according to council documents. 

The company is planning to build out a 108,548-square-foot industrial building through June 1, 2026. That will cost an estimated $12.8 million of construction and $7.4 million in equipment property costs. The company plans to add 100 new employees, with an average annual salary of $75,448, according to the City Council documents. Gulfstream would receive a tax refund of up to $625,000 across five years if nominated by the council and accepted by the state. 

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Elbit America, which manufactures equipment such as drones, night vision goggles and border security towers, says it is investing $8.3 million on testing equipment, software and renovations to its 215,729-square-foot building in Fort Worth. If nominated by council and accepted by the state, Elbit would receive a tax refund up to $1.25 million over five years, according to the council documents. The company says it has 640 employees. 

To be accepted for the program, at least 35% of Gulfstream and Elbit Systems employees — new or current — would have to be residents of an enterprise zone, economically disadvantaged individuals or veterans. 

Seth Bodine is a business and economic development reporter for the Fort Worth Report. Contact him at seth.bodine@fortworthreport.org or follow @sbodine120.At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.

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