Broken Promises? - Newschannel 6 Now | Wichita Falls, TX

Broken Promises?

Broken Promises?

Just under a year ago the Ulm Corporation agreed to an incentive package with Wichita Falls create 372 jobs in the city over the span of three years.  However, according to Kevin Pearson of the Wichita Falls Chamber of Commerce Ulm currently only has been able to keep 18 of the once 84 employees due to a contract Ulm lost out on.  The company was given $600,000 dollars by Wichita Falls to acquire and renovate the former Penske building.

“It was a $600,000 forgivable loan to the company. We were also looking at what we do with a lot of other companies which is called cash for jobs,” said Pearson.

Cash for jobs was an obligation between Ulm and Wichita Falls Economic Development Board to pay  a maximum $1,004,400 for the 372 new jobs agreed to. The agreement shows that Ulm could receive a total $2,700 for each new position created by Ulm. Pearson said that Owner Billy Ulm had a chance to earn $226,800 off of the 84 Wichita Falls workers that once worked for Ulm.  

“He didn’t, he didn’t want to do that until he had a more stable footing. He did not want it to look like he was taking advantage of the city,” said Pearson.

For legal reasons Pearson was unable to comment on Ulm’s lost contract. However, he did say this about the company.

“They intend to stay in Wichita Falls, they plan to keep their operation open, they’re trying to generate new contract to get more money in the door so they can hire more people,” said Pearson.

Ulm has two more years to create the 372 total jobs it agreed to.

Jack Carney, Newschannel 6

Powered by Frankly