Wichita Falls city councilors on Tuesday offered Sealed Air Corporation a $3 million loan to potentially upgrade its facility in Iowa Park and hire more workers.
Sealed Air asked for a forgivable loan to be paid out over two years and be forgiven after seven years in exchange for retaining its current 800 employees and adding 25 new ones.
Wichita Falls is in competition with two other states for the expansion.
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The city’s Economic Development Corporation signed off on the deal in December.
The company, which specializes in food packaging products, was formerly known as Cryovac and has been in business in Iowa Park since 1974.
The Wichita Falls City Council on Tuesday offered a $3 million incentive to Sealed Air Corp. to expand operations in its Iowa Park plant.
Councilors also OK’d spending $1 million to buy the mineral rights at the city’s business park. The EDC bought the land 20 years ago but not rights to the minerals beneath it. The EDC wanted the mineral rights to convey to potential land buyers in the park in the future.
The panel accepted grant money for a narcotics incinerator for the Wichita Falls Police Department and another $10 million grant for the Women, Infants and Children program at the Wichita Falls-Wichita County Public Health District.
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Councilors agreed to pay $73,000 for new roll-out waste carts.
Austin Cobb was sworn in as councilor at large to replace Bobby Whiteley. He won the spot after beating Sam Pak in a runoff election on Dec. 14. Councilor Jeff Browning was selected as mayor pro tempore for a one-year term. The mayor pro tempore is selected from among the councilor members and serves when the mayor is absent.
(This story was updated to add new information.)
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This article originally appeared on Wichita Falls Times Record News: City Council offers multimillion incentive for Sealed Air expansion
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