Foamtec International, LLC

Agreement 0006640, filed with the Texas Comptroller by McLennan County, Texas.

$15,000,000committed capital investment

16520permanent jobs committed

5–50%of Personal Property Additions abated

December 31, 2022performance deadline

The obligation

What the contract requires.

“On or before December 31, 2022, the Business shall construct and install at least $15,000,000 of taxable real property improvements”Executed agreement, p. 1

“employ an average of 165-200 permanent full time employees”Executed agreement, p. 1

“$15,000,000 of taxable real property improvements”Executed agreement, p. 1

The remedy

The agreement terminates.

“If on March 31, 2023 the Business has not created 165 new jobs paying an average salary of $41,500 annually, plus health insurance benefits, the grant percentage will be reduced by 2 percentage points for each position the Business is short. If the shortfall is 40% or more, this Agreement may be terminated by the County.”Executed agreement, p. 2

This clause ends the agreement. It states no repayment of money already received.

Where a deadline above has passed, no public record exists of whether it was met — not in the Comptroller’s filings, nor in the local government’s own disclosures. That is not evidence of non-compliance. Texas requires nobody to record it.

Abatement schedule · Personal Property Additions · p. 2

What was abated, and for how long.

50%Year 1

40%Year 2

30%Year 3

20%Year 4

10%Year 5

5%Year 6

5%Year 7

A local abatement waives only that taxing unit’s share of the property tax bill. School districts, counties, cities and hospital districts each sign separately.

Every field, as the contract states it

The record.

Field	Value & quoted source	Page
Granting body	McLennan County, TexasMcLennan County, Texas, a political subdivision of the State of Texas (hereinafter “County’’)	1
Contracting entity	Foamtec International, LLCFoamtec International, LLC (hereinafter “Business”)	1
Parent / guarantor	Not stated in the agreement	—
Instrument	Industrial Business GrantIndustrial Business Grant Agreement	1
Governing chapter	Chapter 381, Local Government CodeWHEREAS, pursuant to §381.004 of the Texas Local Government Code, the County created its Industrial Business Grant Program;	—
Capital investment	$15,000,000$15,000,000 of taxable real property improvements	1
Grant or incentive	Not stated in the agreement	—
Jobs committed	165-200employ an average of 165-200 permanent full time employees	1
Wage requirement	$41,500average salary of at least $41,500 annually	1
Square footage	Not stated in the agreement	—
Acreage	1.6431.643 Degrees	6
Performance deadline	December 31, 2022On or before December 31, 2022, the Business shall construct and install at least $15,000,000 of taxable real property improvements	1
Expiration	Not stated in the agreement	—
Effective date	October 4, 2022EXECUTED this 4th day of October , 2022.	5
Signatory	Not stated in the agreement	—
Chain status	Terminal document — no later agreement in the registry names this one as its predecessor	—

Parcels · p. 6

111987

How to check this page

Every line above is in the contract.

Agreement 0006640 is filed with the Texas Comptroller. Pull the PDF, go to the page number beside any row, and read the sentence. If a figure here does not match the document, tell me and it is corrected the same day.

Where the contract says nothing, the field is left empty rather than filled with a guess.

One of 1,645

Which of these are on your book?

This is a single agreement. I have read 1,645 of the 4,428 Texas has filed, resolved which have been superseded, and recorded what each commits a company to.

Send me an entity and a county and I will tell you what is on it — quoted, page-cited, checked. Free for the first one.

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