The Fort Worth City Council unanimously approved a 10-year tax abatement with Beauty Manufacturing Solutions Corporation, according to Community Impact.
The meeting took place on November 29, and the agreement is part of a 400,000-square-foot project at 5650 Alliance Gateway Freeway in Fort Worth in the Alliance community.
The abatement will give a 70% property tax abatement for 10 years, with a cap of $2 million. According to documents related to the tax abatement agreement, if the company increases its investment to at least $90 million by December 31, 2028, that cap will also increase to $3.5 million.
Beauty Manufacturing Solutions Corporation is based in Coppell, and the new facility will be its second location.
The company describes itself as an innovator in beauty and personal care products, including haircare, skincare, and cosmetic products.
“The growth and success of companies, especially in manufacturing, need great partnerships and great people. BMSC is fortunate to partner with the city of Fort Worth for this ambitious new expansion that will create a new standard in personal care contract manufacturing,” CEO of Beauty Manufacturing Solutions, Peter Song, said in a press release.
“This site will merge new technologies in manufacturing along with the supporting infrastructure and ambitions from the city and our company. Most importantly, it gives us the opportunity to welcome new teammates into our organization for the decades to come,” he said.
Mansfield, Texas, and Oklahoma City, Oklahoma, were also considered for the company’s new location.
One of the 10-year tax abatement conditions is that at least $100 million is invested or that 500 new jobs are created.
“We’re proud to welcome leading beauty manufacturer Beauty Manufacturing Solutions Corp. to Fort Worth,” Chris Strayer, executive vice president of economic development for the Fort Worth Chamber of Commerce, said in a press release. “This second facility will create additional jobs and growth in Fort Worth, all while retaining its initial investment in DFW.”
Beauty Manufacturing Solutions, founded in 1922, is supposed to bring 250 new jobs to the area paying salaries of $65,800.
Tax abatements, such as the one the Fort Worth city council just passed for Beauty Manufacturing Solutions, are often used to attract business or assist companies that may benefit the area.