Aerospace manufacturer Bell Textron Inc. could be a step closer in finding a site in the United States to house a new $429 million large-scale advanced manufacturing plant.
The Texas comptroller's office recommended approval this week of the company's application for a state economic incentive program, saying the funds would play a "pivotal role in a competitive site selection" process with Bell not otherwise making the proposed investment in the state.
In February, Bell applied for a 10-year reduction in its property taxes to possibly set up shop in a vacant 447,373-square-foot industrial facility at 15100 N. Beach St. in Fort Worth, Texas. The facility was once operated by Stanley Black & Decker before it consolidated its operations.
Bell is evaluating sites for the proposed plant in three states, according to Bell's application. Besides Texas, the other two states were not undisclosed. A spokesperson told CoStar News, "Following the [Future Long-Range Assault Aircraft] contract award in 2022, the company is evaluating sites to support large-scale advanced manufacturing operations.
"Bell is analyzing several locations in multiple states to establish this facility, one of which is located in Fort Worth, Texas, but no final decision has been made," the spokesperson added.
Bell Textron's application through the state's Jobs, Energy, Technology and Innovation Act, which replaced the Chapter 313 program last year, outlines plans to build "a large-scale and multi-decade advanced aerospace manufacturing production operation capable of producing several aerospace products."
The company could make a capital investment of more than $600 million prior to the end of the proposed 10-year incentive period, the company said in its application. Initially, Bell has committed to creating 75 jobs with an annual wage of $69,784. Upon full build-out, the project could create upward of 411 jobs with an average annual wage of $85,000, the company told state officials.
In its state application, Bell's executives said that Texas has higher property taxes in comparison to other finalist states under consideration and Texas providing a limitation on school taxes over a 10-year period would make the location even "more competitive for this project."