Verizon gets taxpayer incentive for new Lubbock operation - KCBD NewsChannel 11 Lubbock

4/25/10

Verizon gets taxpayer incentive for new Lubbock operation

Posted:

By James Clark | email

LUBBOCK, TX (KCBD) – Monday afternoon local officials will pass out roughly $300,000 of your local tax money to the Verizon wireless company, which has agreed to set up a facility at the new Lubbock Business Park. 

KCBD NewsChannel 11 has learned from a source that the money from LEDA, or the Lubbock Economic Development Alliance, will only secure the promise of three permanent jobs.  However, that same source indicates that taxpayers will be told that this is a good use of taxpayer incentive money, because Verizon will add $30 million to the local tax rolls. 

At the current tax rate, such a facility would generate $133,920 of property tax for the city each year.  Also at the current tax rate the facility would generate $98,837.40 in property tax for Lubbock County. 

Verizon also adds a big company name and perhaps greater prestige to the Lubbock Business Park near the Lubbock Preston Smith International Airport.  The other large tenant currently is O'reilly Auto Parts. 

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