Brownwood City Council members approved a $250,000 forgivable business expansion loan Tuesday to Ingram Concrete to assist the company in purchasing a downtown building.
The council in approving the loan ratified Monday’s action by the Brownwood Municipal Development District (BMDD) board, which approved the loan.
Ingram Concrete will move some of its corporate offices and other departments into the downtown building it purchases, BMDD Interim Executive Director Marshal McIntosh said. Ingram in in negotiations over the purchase and McIntosh declined to reveal the building’s location.
Ingram Concrete, which is owned by U.S. Concrete, is located in the Brownwood Light Industrial Park.
The loan is forgivable at $25,000 a year over 10 years if Ingram Concrete meets the following terms:
• Minimum of 60 full time employees in Brown County annually
• $2.5 million gross sales annually
• BMDD receives a guarantee of payment of loan by a parent guaranty from U.S. Concrete, Inc.
“They’ll keep both (corporate) offices because they’re expanding for additional offices and growth they’ve experienced,” McIntosh said. “They’ve experienced 17 new jobs since 2014. They are currently out of office space.”
In other business, council members:
• Approved on first reading an ordinance addressing traffic flow issues in front of East Elementary School.
• Approved the purchase of a mini-excavator for $45,000 for the Wastewater Collection Department with unused capital funds in the Wastewater Collection and Wastewater Treatment Plant departments.
• Conducted City Manager Emily Crawford’s annual evaluation in executive session. Mayor Stephen Haynes said later that Crawford received “a very favorable evaluation from all the council members. We think Emily’s done a great job.”