FORT WORTH, Texas — “The largest Army contract ever” will be fulfilled in Fort Worth, officials announced Tuesday.
Bell Textron Inc. will invest $632 million in a Fort Worth factory that will help build the Army’s next-generation assault helicopter, a contract that could be worth up to $70 billion.
The factory will be located in a 44,373-square-foot building formerly occupied by Stanley Black & Decker at 15100 N. Beach Street in the Alliance area of Fort Worth. It's expected to bring hundreds of jobs with it.
Fort Worth-based Bell Textron Inc. was awarded a billion-dollar contract with the U.S. Army to provide its next-generation assault helicopter, the V-280 Valor. The contract could be worth up to $70 billion. The new Fort Worth factory will construct components for the V-280 valor.
"We’re glad Texas was able to earn your trust,” Gov. Greg Abbott said at a Tuesday press conference.
Fort Worth City Council and Northwest ISD Board of Trustees approved incentive agreements last week, offering discounts on property taxes. In exchange, Bell Textron agreed to invest $632 million into the site and employ 520 full-time employees by 2039 with an average salary of $85,000, according to City of Fort Worth documents. Bell also plans to expand the building by 5,400 square feet.
State and local officials, including Abbott, Fort Worth Mayor Mattie Parker, Denton County Judge Andy Eads, Northwest ISD Superintendent Dr. Mark Foust and Fort Worth Economic Development Partnership CEO Robert Allen attended a press conference announcing the grant Tuesday.
"You cannot be the eighth-largest economy in the entire world without the workforce of the future," said Fort Worth Mayor Mattie Parker in a statement.
"We believe in the importance of the expansion of Bell right here in North Texas and right here in Fort Worth and Denton County,” said Denton County Judge Andy Eads.
Northwest ISD Superintendent Dr. Mark Foust said he's excited about the prospects of the project to help develop the workforce of the future.
"As we develop the workforce our kids will have those opportunities because of this partnership. We feel very blessed to have you guys here, we look forward to seeing what shakes out of these internships for our students,” said Foust.
“This is a great day for everyone. For the country, for the state of Texas, for the city of Fort Worth, and of course for North Texas,” said Allen.
Fort Worth approved $46 million in incentives, agreeing to abate 85% of incremental property taxes for up to ten years and provide a $1 million grant at the time of project completion. The city may also execute up to ten annual Chapter 380 agreements, which allow cities to provide grants or loans to promote economic development.
Northwest ISD Board of Trustees approved a 10-year agreement through the newly passed Jobs, Energy, Technology and Innovation Act. The new program replaces the Chapter 313 program and aims to attract new jobs and industrial investments to Texas. The Governor must also approve the agreement between the company and the school district.
The program allows the Bell Helicopter to pay zero dollars in property taxes to Northwest ISD while the facility is under construction and just 50% of property taxes for the remainder of the incentive period.
Bell also requested $2.67 million in grant funding from the Texas Enterprise Fund, according to the company's application for state incentives.
“This is the largest Army contract ever," Parker said in a statement. "We are probably the premier destination for defense and aviation manufacturing in the country.”
