ICYMI - Commercial & Industrial Development Top $1 Billion

Reprinted from The Wylie News, April 10, 2024

Apr 10, 2024
Wylie EDC

Commercial & Industrial Development Top $1 Billion

The state of Wylie’s economic development efforts, along with a substantial amount of data to back it up, was presented to city council last month.

In the review of expenditures, accomplishments and economic development highlighted by the Wylie Economic Development Corporation Executive Director Jason Greiner Tuesday, March 26, those in attendance learned the city’s 2023 taxable assessed valuation was $9.2 billion with new construction accounting for $174 million, a $3.9 billion gain over the last five years.

The taxable assessed valuation for commercial and industrial alone topped $1 billion for the first time with new construction accounting for $12 million, a $287 million gain in the past five years.

Total WEDC revenue for the fiscal year 2023 was $5.1 million, said with sales tax accounting for $4.6 million, an 11% increase. Other revenues included $116,558 in rental income and $381,356 from the sale of assets and allocated interests.

WEDC expenses for last year were $4 million, which includes $471,210 for personnel, $166,978 in administrative costs, $222,596 in marketing and promotion activities, $345,442 for land acquisition, $130,358 for infrastructure improvements and utility relocation, $855,812 for business incentives, $658,324 for engineering, environmental and maintenance for properties and $1.2 million in debt service.

At the end of the fiscal year, WEDC real estate holdings included 41 acres with 30,736 square feet of office/ business space with a cost basis of $16 million, $7.6 million in outstanding debt and a total principal balance of $15.4 million.

As for high impact initiatives, Greiner mentioned Woodbridge Crossing, which has a taxable value of $89 million and generates $2.2 million in revenue for the city annually. He also mentioned Woodbridge Centre with a taxable value of $50 million and $743,000 in annual revenue for the city. Greiner added that Woodbridge Crossing received a $6 million incentive and Woodbridge Center received a $1.1 incentive.

“We are poised for that next level of growth,” Greiner said. “We’ve done the engineering. We’ve done the due diligence. We’ve got the infrastructure all about to break ground at the same time. You see construction projects going on all across the city.” Upcoming initiatives include multiple properties under contract for the 544 Gateway and Highway 78 and Brown Street redevelopment projects. “We are wrapping up our engineering right now and infrastructure will be installed in the next few months,” Greiner said. “Both of those projects will get going very soon and hopefully you will see a lot of construction.”

As for performance agreements, Greiner mentioned Fuel City, which opened in January 2023. Fuel City invested over $15 million on the project, the agreement outlined a reimbursement incentive of $500,000 and the business will generate $1.9 million in overall tax revenue for the city over the next decade.

At the Wylie EDC’s annual review, executive director Jason Greiner talked about the $500,000 performance agreement Fuel City received. The business is projected to generate nearly $2 million in tax revenue for the city over the next decade.
Wylie News

Greiner also mentioned Glen Echo Brewing, which is located in a building he expected to be demolished. WEDC sold the building to the business last year and later approved a $100,000 performance agreement. After a capital investment in excess of $1 million for renovation, Glen Echo Brewing is now projected to generate $342,202 in overall tax revenue over the next decade.

Wylie Business Center, a $20 million industrial/warehouse facility with over 274,000 square feet of space, entered into an agreement outlining a reimbursement incentive of $1.3 million for the installation of qualified infrastructure associated with the project. It is projected to generate $4.4 million in overall tax revenue for the city over the next decade. The Center now has a tenant, Chint Power Systems Americas, which leased 76,433 square feet — totaling one quarter of the facility.

“They have a lot of activity,” Greiner said. “It’s just about trying to find the right tenant mix and optimize that site. They had a couple large users who wanted that whole building.”

Reviewing goals and objectives for 2024, Greiner said infrastructure for Cooper Plaza is wrapping up soon and lots will be marketed and sold by the end of the year. Jackson Street engineering and design, which includes installing additional parking, could happen by the end of the year. The 544 Gateway Addition and Regency Business Park includes the installation of John Yeager Way and selling WEDC properties by the end of the year.

Greiner also said he will expand business retention and expansion (BRE) and workforce programs, a primary effort of the WEDC to promote small businesses and develop and retain a local workforce. This includes participation and support for national and local events for community engagement and business promotion like Manufacturing Day, Small Business Week, Build Your Future Career Day, Internship Signing Day, Economic Development Week, Entrepreneur Expo, Hope Under the Stars and the Shop Local campaign.

“Our residents don’t have to leave town every day to go to work,” Greiner said. “They can live here and work here instead of having to commute.”

© Reprinted, permission The Wylie News, wylienews.com, C&S Media Publications

This information is from the Wylie EDC's Annual Report and was presented to Wylie City Council on March 26, 2024. Please follow the link to a list of our recent Annual Reports.

About the Wylie Economic Development Corporation

The Wylie Economic Development Corporation (Wylie EDC) is funded through a citywide half-cent sales tax that is collected from over 240,000 consumers in our retail trade area. The Wylie EDC facilitates corporate relocations, local expansions of existing businesses, retail/commercial development and revitalization projects that lead to the creation of new jobs and the generation of additional tax revenue for the community.

For more information, please call 972-442-7901 or visit www.WylieEDC.com.