Posted on November 16, 2022
Beauty Manufacturing Solutions Corp., a maker of high-tech beauty products that includes Naterra, L’Oreal, Johnson & Johnson, Mary Kay, Unilever, Tree Hut and other brands, is considering expanding its operations to Fort Worth.
The Coppell-based company has outgrown its current location and is exploring a new home at 5650 Alliance Gateway, which is part of the AllianceTexas development. If the project goes ahead, the existing 445,870-square-foot building will be modernized to accommodate the company’s growing manufacturing operations.
Beauty Manufacturing Solutions Corp. was founded in 1922 as Superior Products. Today, it is a certified minority-owned business with a 70% female workforce.
The proposed capital investment that Beauty Manufacturing Solutions would make as part of this project is $70 million. Of that, the company would commit to a minimum of $30 million in real property improvements by December 31, 2024, as well as a minimum of $40 million in taxable business personal property by January 1, 2026.
The project is expected to create 250 full-time jobs by December 31, 2025, with an average annual salary of $65,800.
In addition, Beauty Manufacturing Solutions will be required to spend 15% of construction costs, both hard and soft, on certified minority-owned business contractors. Failure to comply with this requirement will mean a reduction of the subsidy of 10%.
In exchange, the City of Fort Worth is proposing a 10-year tax break of up to 70% of the company’s commercial real and personal property, which would be capped at $2 million. The limit increases to $3.5 million if the company invests at least $90 million by December 2028.
The project’s public-private investment ratio would be 44.8 to 1, and it is anticipated to generate $670,011 in net new taxes for the City over the next 10 years.
The incentive will be presented to the City Council on Tuesday, November 29. A public hearing to create a reinvestment zone in the area is scheduled for the same day.
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Source: news.google.com