The City of Fort Worth gives the green light to tax incentives for a downtown technology firm, and it will yield dozens of high-paying jobs.
Sinclair Digital Services, a smart buildings technology firm based in downtown Fort Worth, secured tax incentives that will allow it to expand its downtown office to bring on dozens of new employees.
"All told, we expect this project to deliver approximately 63 new positions that will earn an average annual salary of at least $100,000," says Michael Hennig, Fort Worth economic development manager.
Under the deal, the city will grant Sinclair Digital up to 35 percent of its research and development costs, capped at $10 million.
Hennig says Sinclair Digital will have to do a few things to hold up its end of the bargain.
"All told, within a 10 year period, the company is expected to spend approximately $87 million in total research and development costs for the development of the kind of technologies they applied to the redevelopment of the Sinclair Hotel and that they're rolling out to other projects throughout the U.S.," says Hennig.
The company must also create about $121 million dollars in new property value.
Hennig says the company is moving forward right away.
"Ultimately, they've got to complete their expansion by the end of 2024," Hennig says, "but I will tell you that they are wasting no time."
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