Lubbock City Council Moves One Step Closer to Approving Tax Abatement Agreement with Monsanto
The Lubbock City Council on Thursday moved one step closer to approve a 10-year tax abatement for the new Monsanto plant to be built in North Lubbock. The council unanimously approved delivering a Notice of Intent to enter the tax abatement to other taxing jurisdictions for the Monsanto plant. According to the city, the estimated total amount of the City tax abatement will be $5,380,200 over the term of the proposed agreement.
Monsanto is pledging the creation of 40 new jobs with an annual payroll of approximately $2,065,000, along with a total of $100,000,000 in capital investment.
The council will consider approving the contract for the tax abatement at their November 17th meeting.