Editor’s note: Transcript provided by CoverGov.
Weir Minerals, a division of a major Scottish energy company, is seeking an incentive agreement with the city to expand the firm’s downtown Fort Worth headquarters.
City Council members at their Feb. 10 meeting will consider a three-year agreement under which Fort Worth would pay Weir up to $185,000, based on completion of the planned office expansion in the 777 Main building and the salaries of jobs created and retained.
The agreement, designed to retain the business, includes a default provision that would allow the city to claw back a partial or full amount of the grant.
“Thank you all for the hard work,” Mayor Mattie Parker said after the city’s economic development staff presented the proposed agreement at a council work session Feb. 3.
Weir plans to expand its offices on the 16th floor of 777 Main to 15,000 square feet from 11,000; sign a new eight-year lease with the building owner; and invest at least $3.4 million in improvements, according to the city.
The maximum agreement is based on the company:
Completing its planned improvements.
Having at least 67 “new and retained jobs” by Dec. 31, 2026, and maintaining those for the three-year grant period.
Meeting minimum average annual salaries of $160,000.
It was not clear how many people Weir employs today in the Fort Worth office. But city staff told the Report the 67 is likely about what Weir has in 777 Main today, given the agreement’s nature as being for retention. City staff told council members the company has a $10 million payroll connected to the 777 Main office. The company did not immediately respond to a request for comment.
Josh Giles, a city economic development coordinator, said in his presentation to the council that the Fort Worth jobs are primarily high-paying, including lawyers and engineers.
Weir is also moving to bring more of its employees back into the office from remote work, and the agreement with the city would support that and provide a boost to downtown businesses including restaurants, Giles said.
Weir also said it would direct 30% of its office improvements to small business firms, as defined under the city’s new small business program, Giles told the council. City staff told the Report that Weir’s small business requirement is separate from the incentive agreement and carries its own penalties for noncompliance.
Weir also expects to generate 260 hotel nights per year in Fort Worth, but that represents a “good faith” effort by the company that doesn’t carry incentives or penalties, the staff told the Report.
777 Main, built in 1982, has a vacancy rate of 17.3%, Giles told the council. That would increase to 18.4% if it lost Weir, and drop to 16.9% with Weir’s expansion, he said.
The city’s grant would support an industry targeted by Fort Worth’s economic development policy, and it equates to a 5.4% public participation in the project and an 18.4-to-1 private/public ratio, both attractive numbers, city staff said.
To learn more about how the transcript that informed this report was created, visit covergov.com.
Scott Nishimura is senior editor for local government accountability at the Fort Worth Report. Reach him at scott.nishimura@fortworthreport.org.
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