Posted: Thursday, December 29, 2011
Tomball EDC bestows two business incentive grants
Approved at the Nov. 21 Tomball City Council meeting, the Tomball Economic Development Corporation has entered into agreements with Houston Poly Bag I, LTD and ValueBank Texas to provide business incentive grants.
The incentive grant for ValueBank Texas, proposed at $15,750, will go toward opening a new office location in Tomball. To be located at 990 Village Square, Ste. P, the bank will house four employees and has entered into a three-year lease commitment.
“Although this project does not create primary jobs, it does promote the development and expansion of business enterprise,” EDC coordinator Tiffani Wooten said.
ValueBank Texs proposes to invest approximately $150,000 in technology and equipment for the Tomball facility, according to the TEDC.
The grant funding for Houston Poly Bag which is a custom manufacture of packaging products, will go to equipment, not to exceed $80,000.
“The company must upgrade and expand its manufacturing equipment in order to retain its existing contracts and remain competitive,” Wooten said.
The company which has been in business since 1979 and is located at 11726 Holderrieth Road, employes 60 people. If the manufacturing process is not updated, six employees would be directly affected, according to the TEDC. The expansion is expected to be complete by the first quarter of 2012.