Panda Biotech pays off loan from city
Panda Biotech has paid off its $1 million loan from the city.
City spokesman Chris Horgen confirmed the Dallas-based company made its final payment in December.
Panda announced in 2020 it would buy the former Delphi automotive plant on Central North Freeway and convert it into a facility to process hemp for industrial uses.
The company secured a $2.8 million incentive package from the city in exchange for a promise to create 50 jobs.
In February 2021, the city approved altering the package to include a $1 million loan to help Panda with its cash flow.
Panda was due to begin operations in early 2021 in what the company called the largest facility of its kind in the U.S. but has been plagued with delays. It requested several extensions on the loan and one repayment hiatus in exchange for making larger installment payments.
The company has extended its timeline for starting full production several times and got approval from the City Council to delay its hiring commitment by three years. Panda president Dixie Carter told members of the council in November 2023 the new target for opening was first quarter of 2024.
This article originally appeared on Wichita Falls Times Record News: Panda Biotech pays off loan from city
