LEDCO to fund new business plan projects
April 20, 2013 at 11 p.m.
The Longview Economic Developmment Corp. board of directors has agreed to support two companies' investment plans in the city.
The board voted unanimously Wednesday to grant $200,000 to a $1.3 million expansion project for Colony Cabinets.
The expansion will create 15 new full-time jobs at the company's facility in the 900 block of Estes Parkway.
"Colony Cabinets was established in 1982 and has grown to become one of the top casework and fixture companies in the United States," said LEDCO Executive Director Susan Mazarakes-Gill in a prepared statement.
Mazarakes-Gill said $50,000 of the grant would be paid upon receipt of the certificate of occupancy and proof of investment and another $50,000 would be paid per year for three years based on full-time employment average of 31 the first year, 36 the second year and 41 the third year.
Board members also voted unanimously to grant $45,000 to a $160,000 investment from Genesis Recycling Technology.
The new buisness plans to be operational by the fall and will "assist companies in recycling their semi-precious and precious metals," Mazarakes-Gill said.
The grant will be used to help Genesis Recycling Technology prepare their building in the 5700 block of Bill Harris Road, and is to lead to 13 new jobs.
Mazarakes-Gill said the company had already invested nearly a half-million dollars to prepare to work.
"The grant is to be paid as follows: $15,000 per year for three years with proof of minimum investment and an average of 5 full-time jobs the first year, 10 the second year and 13 the third year," Mazarakes-Gill said.
LEDCO has financially aided 47 existing companies and 19 new companies in Longview.