Brownwood City Council members approved a $125,000 incentive to VRC Technologies, a start-up chemical manufacturing company that formed in 2012 and sells substances used in oilfield and other markets.
Council members at their Tuesday meeting ratified earlier action by the Brownwood Economic Development Corp., which approved an infrastructure and equipment loan of up to $125,000 for seven years. The company receives a job creation credit of $2,500 per full-time salary position, and $2,000 per full-time hourly position.
VRC Technologies plans on creating five jobs when the plant opens in 2013, and three of the employees will move to Brownwood, council members were told. The company projects growing to 20-25 jobs within five years.
The company has proprietary products and patents that are used in oilfield fracing.
VRC Technologies also sells substances for the agricultural, personal care, industrial and institutional, textile, metals and pharmaceutical markets.
In other business, council members:
• Heard Mayor Stephen Haynes read a proclamation of March as Social Work Month.
• Heard a citizen's presentation from Dr. Chris Stevens, who said water made available through conservation is "vastly less expensive" than by alternative means.
• Approved an ordinance on second and third readings changing the zoning classification of an acre at 1609 Wood St from R-1 Single Family Residential District to RR Residential Rural District.
• Approved a resolution authorizing the mayor to execute an advanced funding agreement for the Market Place Boulevard extension/Riverside Park Drive project.
• Approved a resolution authorizing the mayor to execute a updated municipal maintenance agreement with TxDOT.
• Heard City Finance Director Walter Middleton report that the city has a surplus of near $4.4 million five months into the fiscal year, and expenses are "not very high yet." The surplus exceed's the surplus at the same time last year by $1.2 million because PILOT taxes have come in earlier this year than they did last year, Middleton told the council.
• Heard City Manager Bobby Rountree issue a reminder that outdoor water restrictions as specified by Stage 3 of the Drought Contingency Plan are still in effect.