According to city documents, Gulfstream qualifies for a single-enterprise project designation due to planned capital investments of approximately $21.9 million to build out an existing 108,548-square-foot industrial building, which was constructed in 2021. The build-out is currently underway and is slated to be complete by June 1, 2026.
City documents also stated that the planned capital investments include $12.8 million of real property construction costs and $7.4 million in equipment and personal property.
As part of the project, Gulfstream will retain five current employees while adding 100 new employees with an average annual salary at $75,448. According to city documents, Gulfstream has committed to hiring 35% economically disadvantaged persons or enterprise zone residents for its certified jobs at its Fort Worth facility during its enterprise project designation.
Diving in deeper
Gulfstream's principal business is aircraft manufacturing and service, according to its website. The city said once the build-out is complete, the building will house multiple shops for the repair and overhaul of aircraft parts, including structural, wheels and brakes, batteries, avionics, and composites.
City documents also state that this facility is the first of its type for Gulfstream, as it will house all of these operations under one roof. Shared support operations in the facility include:
- A machine shop
- Media blast
- Shipping and receiving
The single project designation allows for a state sales and use tax refund on qualified expenditures of $2,500 per job, for up to 500 jobs, with a maximum benefit of $1.25 million over a five-year period, city documents state.
Jobs will be provided through the end of the designation period or at least three years after the date on which a state benefit is received, whichever is later, according to documents.