DDA welcomes International Cutting Solutions
BY
KIMBERLY SVATEK
HERALD DEMOCRAT
In its first
deal of 2004, the Denison Development Alliance approved spending up to
$37,500 in incentives for a new industry in town.
In December,
International Cutting Solutions moved to Denison with plans to open up
early this year. At the time the company announced it planned to hire
about five employees to start with and up to 10 employees by the end of
the first year. That number could increase to 30 or 40 jobs by the end of
five years.
The promise
of 15 jobs in one year was good enough for DDA, which approved the
incentive deal based on payroll.
According to
the incentive agreement, DDA agrees to make quarterly cash payments of
4.46 percent of the $420,000 taxable payroll for two years. The incentives
are not to exceed $37,500.
Board
members unanimously approved the motion by Robert Crawley without
discussion.
In return
for the money, the company specializing in cutting, or "wafering"
silicone and other substances, will provide employment records and proof
of payroll.
In a
previous interview, Sam Town, a spokesperson for the company, explained
that the company cuts wafers varying in 2 to 12 inches in diameter from
silicone or quartz. He added that in addition to cutting the wafers the
company also plans to sell the equipment needed to do that specific type
of cutting.
The company
also plans to carry and sell cutting machines from TEAMIS, a Czech
Republic company.
International
Cutting Solutions is owned by a group of six people who each own and
operate other businesses.
Town added
in the earlier interview that DDA was instrumental in the company's
decision to base in Denison over a location in California.
Salaries
paid to employees of the new company will range from $10 an hour for
operators up to $35,000 a year for technical engineers.
In other
closed session items, DDA discussed incentives for Project Engine and
Project Box before adjourning to meet with the Denison City Council.