[April 09, 2008]

AEDC brings business boom

(Amarillo Globe-News (Texas) (KRT) Via Thomson Dialog NewsEdge) Apr. 9--Businesses big and small reaped business-development incentives from the Amarillo Economic Development Corp. last year, and the city's economic development arm is looking forward to major expansion at Bell Helicopter later this year.

The AEDC's recent annual report said several projects last year are expected to add $352.7 million in annual economic activity and $18.5 million in local government revenues.

Projects approved by the AEDC in 2007 are expected to create 1,935 direct and indirect jobs, generating an estimated $104 million in personal income.

Pacific Cheese is rapidly moving ahead with its new $17 million cheese processing plant, a project the AEDC reeled in last year. The company expects to hire about 60 workers later this year.

The company originally planned to build a 40,000-square-foot cheese processing facility but reached a revised incentive deal with the Amarillo Economic Development Corp. that more than doubled the factory to about 93,000 square feet.

The AEDC also approved an expansion for AIG, a major insurance and financial services company, with a $1.25 million incentives package to help expand its Ross-Osage operation. The packages includes expenses, equipment, software and employee training. The company now employs nearly 1,000 in Amarillo.

The AEDC recently voted to amend a lease for GTM Manufacturing, a company that plans to begin building containers to transport compressed gases. The company, a spinoff of the Jack B. Kelley company, needed about $365,000 in improvements and equipment at the former Ben E. Keith building at 2100 S. Spruce St.

"We're pleased with the progress we made in 2007 in bringing new jobs and capital investment to Amarillo -- particularly the Pacific Cheese Company project; AIG's expansion; the leasing of the former Ben E Keith building to GTM Manufacturing; and the four Enterprize Challenge winners," said Buzz David, president and CEO.

The AEDC and Bell Helicopter are looking ahead to a major hangar renovation that will help expand V-22 Osprey production here.

Last month, Navy officials awarded a five-year, $10.4 billion contract to the Bell-Boeing Joint Program Office to build and deliver 167 V-22 Osprey rotor aircraft.

The five-year contract includes 26 CV-22 aircraft for the Air Force Special Operations Command and 141 MV-22 aircraft for the Marine Corps.

"The new 176,000-square-foot building will enable Bell to move closer to full production under their new, multi-year $10-plus billion contract," David said. "We will continue to pursue manufacturing opportunities in the wind energy industry as the market for wind power production in Texas grows at a rapid pace."

Austin Distributing, an Amarillo company that manufactures and sells hydraulic parts and accessories, received a small-business interest rebate through the AEDC to help spur the company's growth.

The money will help Austin Distributing remodel its corporate headquarters and expand its computer system to maintain tighter inventory controls and tailor material pricing.

To see more of the Amarillo Globe-News, or to subscribe to the newspaper, go to http://www.amarillonet.com.

Copyright (c) 2008, Amarillo Globe-News, Texas
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