Fort Worth considers $18 million grant for bolt and tool distributor bringing 250 jobs
The Fort Worth City Council will vote Tuesday whether to approve a grant agreement to help an e-commerce hardware distribution company set up shop in far north Fort Worth.
McMaster-Carr is proposing to build its southwest regional headquarters on a 117-acre site at 4894 Litsey Road. The company would need to commit to spending at least $180 million to develop the site and an additional $180 million on business personal property in order to get the grant funding, according to city documents.
The company would also need to create a minimum of 150 full-time jobs within the first year of the operation, and 250 full-time jobs after six years. Those jobs would have to have an average annual salary $85,000.
In exchange, Fort Worth would give the company up to $18 million in grant funding provided the company meets those perimeters.
The city estimates the development to bring in an additional $56,796,775 in property and sales tax.
The council will vote on the agreement at its 10 a.m. meeting on Tuesday.
