Thursday, December 18, 2008

DeSoto economic group extends $159K incentive grant

By Daphne Brown of DeSoto TODAY

The Economic Development Corporation touts DeSoto's Industrial Park as one of the city's best kept secrets.

DEDC boardmembers are working to attract and grow business there. In doing so, the board awarded a $159,000 incentive grant to DIAB Inc., one of the park's manufacturing companies.

Interim DEDC Director Norma Nichols and DEDC Board President Curtistene McCowan joined Mayor Bobby Waddle in presenting a check to the company, which employs some 228 people.

Waddle said he was glad to finally meet with members of the company. Headquartered in Sweden, DIAB plans to use the funds for its DeSoto facility expansion. It is among the world's largest manufacturer of structural core materials in multiple marine, wind generation, surface transportation and industrial and aerospace applications.

“We're delighted you're here, and we're looking forward to continuing work with you in any way we can,” Waddle said, mentioning the city's discussion of a new heliport facility possibly in the industrial park. “We think we've got a great facility ... this is a win/win for everybody.”

McCowan added that DIAB is a valued partner in the DeSoto community. She said the grant award demonstrates how important the company is to the city. She noted a previous facility expansion exceeded a required $5 million increase in property value by $9 million.

“We wish to support and encourage DIAB to grow its facility and number of employees in DeSoto,” she said.

DEDC is a 4A sales tax corporation that invests 3/8 percent of sales tax on behalf of the community to increase and diversify the tax base, create jobs, lower residential taxes and increase the number of shops and restaurants.

In 1995, DeSoto citizens approved a local tax option to create the corporation and use the money for economic development projects.

The Industrial Park is at the intersection of interstate highways 20 and 35E. Other companies in the park include Wal-Mart Distribution Center, McGraw Hill Publishing, Solar Turbines, Inc., ZEP Manufacturing, Kauffman Tire, The Warrior Group, DW Distribution and Texas Air Manufacturing.

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