The Swan Products plant at 700 Jewell Drive, a maker of water hoses, plans to invest $11 million in its facility and is pursuing tax breaks from the city of Waco, according to the city’s economic development office.
Swan reportedly will hire 60 new full-time staffers in its proposed deal with the city. The Waco City Council this week passed its first reading of an ordinance to create a reinvestment zone that includes 700 Jewell Drive, a requirement for granting tax breaks to Swan, according to Melett Harrison, the city’s economic development director.
The city plans to give a 90 percent tax break for five years on the $11 million in capital improvements, and continue with a 65 percent break for two years after that.
The deal would save Swan about $500,000, and the city would collect about $103,000 in new tax revenue during the 7-year contract, according to information provided by Harrison.
Swan reportedly is pursuing a second 5-year abatement agreement on about $3.3 million in personal property to be installed in the building. On that agreement, Swan would get about $24,000 in tax breaks, and Waco would get $79,500 in new tax revenue, Harrison said in a report to the Waco City Council.
In her proposal, Harrison wrote that if Swan does not make the improvements it has pledged, or if it files a protest of the taxable values of at least $11.1 million and $3.3 million, it “may be obligated to repay all or a portion of the abated taxes.”
Headquartered in Atlanta, Swan makes garden, industrial and aeration hoses at plants in Waco and Sparks, Nevada, according to its website. Its hoses and water-related products are sold under the MaxLite, Scotts, Miracle-Gro and Element brands, its website states.