Chicago Bridge & Iron has announced a $35 million expansion for its facility at 2103 Research Forest Drive, which will accommodate at least 200 full-time equivalent jobs at its planned completion date of Dec. 31, 2014.
The facility's expansion can accommodate up to 600 employees and could increase the number of staff to more than 1,000 in The Woodlands. The expansion includes a 150,000-square-foot building, a new parking garage and an additional floor to the existing parking garage, according to the tax abatement contract with The Woodlands Township.
" I am pleased we are growing our presence in Montgomery County and are able to contribute to the job growth in the area," said Philip K. Asherman, President and CEO of CB&I. "This expansion is due to our company's growth and continued commitment to the local community. The Woodlands has been our home since 2001 and we look forward to continuing our strong relationship with the county leaders and local residents who have made this one of the fastest growing communities in the country."
The Woodlands Township Board of Directors approved a 100 percent, 10-year tax abatement for the planned facility at its Jan. 17 meeting. The abatement agreement was previously approved by Montgomery County on Dec. 17. The agreement stipulates if CB&I completes the expansion, the company will be entitled to a tax abatement on the value added to the appraised value of the improvements to the land.
The property value for that year must exceed the value as of Dec. 1, 2012. The certified full market appraised value of the property was about $15.7 million as of Dec. 1, 2012.
CB&I, one of the world's leading engineering and construction companies, was the 17th largest non-retail employer in South Montgomery County as of January 2012 with 378 employees, according to The Woodlands Area Economic Development Partnership.