The overview
The 117-acre site, which is located at 4894-4896 Litsey Road, will be in the AllianceTexas community, just east of Perot Field Fort Worth Alliance Airport. It will be used for a regional headquarters and distribution center.
Fort Worth City Council also approved an economic development program agreement with the company that includes an $18 million incentive package during their meeting Aug. 22.
The backstory
McMaster-Carr was founded in 1901 and is based in Elmhurst, Illinois. According to its website, the privately held company specializes in supplying over 700,000 parts and supplies to industrial and commercial facilities worldwide. Ninety-eight percent of products ordered are shipped from stock on-hand and are delivered the same or next day.
According to city documents, the proposed Fort Worth regional headquarters will be added to existing regional headquarters for the company that are located in Atlanta, Chicago, Cleveland, Los Angeles and Robbinsville, New Jersey.
Zooming in
According to city documents, in order for the company to retain the $18 million economic development incentive package, it would need to complete the project in accordance with the following minimums:
- Minimum $180 million in construction costs supporting real property improvements at the project site by Dec. 31, 2028
- Minimum $180 million assessed value for business personal property located at the project site by Jan. 1, 2029
- Company must maintain business personal property of at least $100 million in assessed value for the duration of the agreement
- Minimum 150 full-time jobs at the project site by Dec. 31 of the first operating year
- Minimum 250 full-time jobs at the project site by Dec. 31 of the sixth operating year
- The average annual salary for all of the full-time jobs set forth above must be a minimum of $85,000
