The original contract was approved Dec. 10, which would allow Ariat to expand its regional headquarters and construct a new regional distribution center in northeast Fort Worth that would result in approximately $72.6 million in additional capital investment and 250 new jobs.
According to city documents, deadlines and requirements for Phase 1 and Phase 2 were attributed to the incorrect phase and were therefore inconsistent with the deliverables outlined dates.
A closer look
In terms of jobs, city documents state Ariat must provide a minimum of 100 full-time jobs as a result of the expansion project by Dec. 31, 2029, with average annual salaries of at least $70,000 for the duration of the agreement during Phase 2. The company must also provide an additional 150 jobs at the regional distribution center site, at 2501 Eagle Parkway, by Dec. 31, 2029.
That initial deadline date was Dec. 31, 2031, according to previous Community Impact reporting.
The company must also provide an additional 150 jobs at the regional distribution center site by Dec. 31, 2032, for Phase 1. The average annual salary has to be at least $95,000 for the duration of the agreement, according to city documents.
The previous deadline for this was Dec. 31, 2029.
What else?
As part of the agreement with the city, Ariat must spend a minimum of $6.9 million in total construction costs on the headquarters expansion by Dec. 31, 2027. In addition, the company must spend a minimum of $19.9 million in total construction costs on the regional distribution center by Dec. 31, 2027.
For its part, city documents state Fort Worth must provide the following:
- A one-time grant from the Economic Development Initiatives Fund of up to $300,000 following initial completion of the headquarters expansion.
- Up to five annual Economic Development Program Agreement grants based on 70% of the maintenance and operations of incremental city property taxes on real and business personal property.
