Coppell City Council approved two economic agreements for a proposed corporate relocation of two brands under Welbilt Inc., a Florida-based commercial kitchen equipment provider.
An economic incentive agreement and tax abatement agreement were both approved during the Dec. 12 council meeting. Welbilt is relocating the North American operations for two brands, Convotherm and Merrychef, from Tennessee to 1010 W. Sandy Lake Road in Coppell.
The gist
As part of the agreement, which takes effect Jan. 1, 2024, Welbilt will receive $250,000 in 2025 along with eight years of tax abatements starting when the agreement takes effect, Director of Community Development Mindi Hurley said. The tax abatements will be for 90% of business personal property and only applies to the city portion of taxes, according to the agreement.
Per the agreement, the value of the property must remain at least $9 million for each grant year for Welbilt to receive the incentives.
“The city is very excited to welcome Welbilt to Coppell as one of our new corporate citizens,” Hurley said.
