LEDC announces approval of an economic incentive grant to Jefferson Energy
Lufkin Economic Development Corporation (LEDC) announced the approval of an economic incentive grant to Jefferson Energy doing business as Jefferson Enterprise Energy, LLC (Jefferson).
Jefferson Energy, LLC is a privately held limited liability corporation based in Houston, Texas.
Jefferson purchased the Renewable Power Plant located in Lufkin, Texas and has recently acquired a large site with plans to invest a minimum of $250 million. The bulk of the project will be a recycle pulp mill and sodium chlorate plant.
In exchange for the $250 million capital investment, Jefferson is asking the City to grant a 10-year 100% ad valorem tax abatement beginning in 2024. Jefferson will be required to create over 100 new full-time employees with approximately 200 construction jobs in addition to the $250 million facility. The Lufkin Economic Development Board of Directors unanimously supported Jefferson’s tax abatement and will present their recommendation to City Council.
“Jefferson Energy’s innovative project will create quality jobs and inject a substantial amount of taxable value and spin-off jobs in Lufkin, Texas and the Lufkin Economic Board looks forward to the completion of the project. Lufkin continues to set the pace for economic growth in East Texas and the city anticipates that our attributes of being a top-tier choice for expansions and company relocations will continue” said Bob Samford, Director of Economic Development Corporation.