WF officials add $2.5 million to the Economic Development Corporation’s budget

WF officials add $2.5 million to the Economic Development Corporation’s budget
The Wichita Falls City Council approved adding $2.52 million to the Economic Development Corporations budget at Tuesdays meeting.
City Officials are taking the 4A Board
s recommendation to put renovation dollars into the Stanley Tools building that has been closed for several years.
The structure needs a lot of repairs, but the city hopes after repairing the building a new business will move in.
Henry Florsheim, the President of the Wichita Falls Chambers of Commerce, said when the renovations are completed the building will be worth an estimated $18,000,000 million.
Florsheim said dozens of companies have looked at the property in the past, but due to the much needed improvements they passed on the purchase.
       
Now that the Economical Development Corporation is going to own the building we're going to have a much better shot at getting it fixed up and in good shape and ready to show a prospect when they come to town, said Florsheim.
That prospect could possibly be aerospace related.
       
The council also approved a recommendation to hire an economic development consultant to help us develop a targeted strategy towards aerospace related manufacturing, said Florsheim.
Florsheim said offering $2.52 million as an incentive for a business to move in was an option, but the buildings condition played a big part in their decision not to.
         “It's going to be much easier to put the money into the building and recruit someone as we're doing that. They will be able to see the work and that we're making this building right for you, said Florsheim.  
It will cost nearly $12,000 each month to keep up with utilities, maintenance, taxes and insurance until the end of this fiscal year.
Florsheim said it is too much of a risk not to spend the money on repairs, and it will all be worth it when a new business moves in and creates an economic boost in Wichita Falls.

The analysis conducted by the economic development consultant will start in a couple of weeks and is expected to be completed in about three months.
The city will begin hiring for the job over the next few weeks and Florsheim said renovations will start as soon as possible

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