The agreement comes as Emerson looks to consolidate several facilities around the Houston area, Connecticut and Missouri. The company estimates to retain 210 jobs, transfer at least 144 jobs from its Fort Bend locations, and create an additional 96 jobs. The average employee salary is approximately $98,000.
To complete the consolidation, Emerson plans to purchase the currently vacant, 158,200 square-foot facility located on 11.4 acres in the Westchase business district for approximately $15.3 million. They plan to invest an additional $13.8 million on improvements, which is the basis for the tax abatement.
"Based upon a 50 percent abatement, the total city tax to be abated is estimated at $419,000 over the ten-year period," said Hoang. "This is a win-win for our community when you consider the city, county, school district and special taxing districts, can expect net befits of almost $60 million."