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The city of Fort Worth is poised to offer a British aerospace company a $7 million tax incentive in hopes of it building its new research and development facility near Lake Worth.
The city would offer GKN Aerospace up to $7 million in unique tax credit grants that the company could sell to Fort Worth property owners to fund research and development. It's the same program the city used to lure Linear Labs to Fort Worth.
GKN Aerospace makes parts and materials for airplane companies, such as Boeing, as well as for Lockheed Martin’s F-35.
GKN’s preferred location is Fort Worth, said Michael Hennig of the city’s economic development office during a City Council works session Tuesday.
Mayor Mattie Parker said during the meeting that the offer to GKN aligns with a the city's long-term plan to attract more research and development to the city.
As part of the deal, the company would be required to spend at least $20 million on research and development within five years after building in Fort Worth. It also must create 100 new jobs.
The council will vote on the deal at its next meeting on Oct. 25.