The LEDC board approves tax incentives for Texas Hardwood, LLC
On April 11, 2023, the Lufkin Economic Development Board (4B) met to discuss economic incentives for Project White Oak.
Project White Oak is Texas Hardwood, LLC.
The LEDC board unanimously approved incentives in accordance with the City Tax Abatement Guidelines. Texas Hardwood, LLC. will be granted economic incentives but must invest a minimum of $2,000,000 and employ 25 FTE’s for 90 days.
In return of the investment and full-time employees’ stipulations, LEDC will grant Texas Hardwood, LLC. $100,000. An incentive claw back clause will be active until Texas Hardwood LLC. employs 25 FTE’s for a minimum of one calendar year.
On April 18, 2023, the City Council unanimously approves the economic development incentive for Texas Hardwood, LLC.