Fort Worth Considers $847,500 in Incentives for Supply Chain Company Expansion

Fort Worth Report
April 30, 2024
Sandra Sadek

Fort Worth is considering giving tax incentive grants to a supply chain logistics and technology company in exchange for hundreds of new jobs.

ITS Logistics is looking for a new office space for its newly released ContainerAI, a cutting-edge container management and visibility platform. The new space will be on the third floor of One West 7th, 2821 W 7th St.

Fort Worth is looking to give the company a three-year grant of up to $847,500 under a Chapter 380 agreement. The grants are based on employment numbers — $2,500 will be awarded for every full-time job created.

Chapter 380 and 381 agreements are tax incentive programs that allow cities and counties to give public money to companies as grants to encourage economic development projects.

This is a company that is in one of the city’s target markets, mobility, said Cherie Gordon with the city’s economic development department.

In return, ITS Logistics will have to lease at least 15,000 square feet of office space by June 30 and commit at least $1 million in capital investments. The company must also generate between 250 and 339 new full-time jobs by Dec. 31, 2027.

At least 30% of the new employees must be residents of Fort Worth and have a minimum average annual salary of $100,000. Employees must be retained for at least three years.

Should the company not meet its commitments, the city will be able to recapture the grant funds as a default.

Council member Elizabeth Beck, who oversees the district this extension falls into, said she supports the project mostly for the location and the impact it will have on the West 7th area.

Read the full article here.