"The Georgetown City Council approved an agreement Tuesday to provide up to $1.5 million in sales tax rebates to bring a tractor and heavy equipment dealer to town.
Holt Cat has agreed to spend $20 million to build a 60,000-square-foot facility and improvements at 2101 Airport Road by the end of 2018. The City Council has promised to give the company sales tax rebates each year for five years for a total of up to $1.5 million.
The company must make at least $27.5 million in taxable sales per year for the first five years it operates to receive the incentive. It is expected over 10 years to create 129 jobs with an average salary of $48,500 and generate $13 million for the city in taxes and utility revenue.
Holt Cat has more than 30 locations in Texas and is the the authorized dealer for Caterpillar heavy equipment and engines.
Georgetown City Manager David Morgan said the city moved quickly to bring Holt Cat to town with a multidisciplinary team that put together the incentive agreement in three months.
“This a huge investment for Georgetown, not only from a tax base perspective but also in bringing quality jobs to our community,” he said.
The council also approved a $185,000 grant to the company from the Georgetown Economic Development Corporation to hook up to the city’s sewer lines when they are extended to the property.
Tony Shedrock, the vice president of general operations for Holt Cat, told the council Tuesday that the Georgetown facility was the largest store the company has planned to build in 30 years."
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