Omega Seamaster Blue Strap
Tax abatements would end after the 10th year and the Omega Speedmaster Moonwatch 2017
According to an economic impact study prepared for La Paloma, the project would create up to 750 jobs over the three year construction phase and, when Omega Seamaster Blue Strap in operation in the fourth year, 30 full time jobs with average annual salaries of about $75,000.
HEDC refers to the prospective initiative as "Project Waterside."
The abatement would decrease to 80 percent in the sixth year; 70 percent the seventh year; 60 in the eighth year; 50 percent in the ninth year and Omega Seamaster Watch
The company is also seeking tax abatements from the Texas Southmost College District.
Responding to Commissioners Court questions, Upchurch said the company would be open to other tax incentives instead of abatements.
plant's assets of about $502 million would be added to the tax rolls, Upchurch said.
Commissioners considers incentives for power plant
"We have no problem with that," Upchurch said.
For now, HEDC Executive Director Raudel Garza and Mayor Chris Boswell are not providing details about their negotiations with La Paloma.
Boswell said: "All we can say at this time is that this is an economic development project currently identified as Project Waterside. If we are successful, it will create jobs and provide needed infrastructure for future development."
90 percent abatement in the fifth year.
"I think commenting on this at this time is premature," Garza said. "We are always supportive of projects that will lead to new jobs and increased tax base."
County Planner Frank Bejarano told Commissioners Court that granting tax abatements on a county wide basis to a project that is neither an industrial nor manufacturing activity would require a deviation from current policy. Commissioners Court indicated that it is open to amending the policy.
Don Hubbard, with the Harlingen Economic Development Corp., accompanied John Upchurch, a representative of La Paloma, to the Commissioners Court meeting, but did not address the court.
to 40 percent in the 10th year following construction.
The company plans a 700 megawatt natural gas fueled electric generating plant, a company representative told the Commissioners Court.
The project's development and construction would generate $1.4 billion in economic output, support 3,342 direct, indirect and induced construction jobs, and generate $379 million in direct, indirect and induced construction salaries for area workers, the company's report stated.
Upchurch asked the Commissioners Court to abate all property taxes in the power plant's first four years, followed by a Omega Constellation Grey Dial
Under the company's proposal, the county would abate nearly $9 million in taxes and the college would abate nearly $4 million.
Cameron County Commissioners Court voted Thursday to negotiate a tax abatement agreement with La Paloma Energy Center LLC, which wants to build a $650 million electric generating plant near the industrial park.
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