Year in Review: Kilgore EDC brings millions in investments, hundreds of jobs

News

Feb 7, 2024

Staff Reports

Lucas Strough, Reporter

Kilgore News Herald

The Kilgore Economic Development Corporation delivered an end-of-year report for fiscal year 2022-23 at a recent city council meeting, outlining one of the most financially successful years in the city’s recent history.

KEDC Executive Director Lisa Denton delivered the report, noting the past fiscal year was a resounding success in terms of economic development.

“It was an outstanding year for Kilgore,” Denton said.

Each year when we do this report, we’re trying to figure out what is the story for the year that we just completed? For this year, that story is that while we were seeing mega-projects being announced throughout the state, with Abilene and Sherman and Amarillo, Kilgore was able to close deals where the requirements matched the economic attributes of our community. We set records again with the highest capital investment under contract in the 33-year history of (KEDC) last year and, even more impressive, the companies are projecting to invest over $65 million just in new real property alone, which exceeds total investment projections for several of the past five years.”

In reviewing the stats for the past fiscal year, Denton pointed out KEDC had organized five new Economic Development Performance Agreements (EDPAs) signed by the city and four companies. Companies under these new agreements are projecting total investment of $118,314,495 under contract, exceeding both three and five-year averages.

These new EDPAs led to the near-highest ever amount of created and retained jobs under contract: 704, an amount which exceeds three and five-year averages. Of these, 361 are retained jobs and 343 are new jobs.

KEDC also reviewed 10 standing EDPAs with local companies: McClung Energy, Wagner Tuning, Command Packaging, Southern Plastics No. 9 and No. 10, Orgill, Skeeter, Camfil, Evolution Outdoor, and Premier Pressure Pumping. All companies were found to be in compliance with the terms of the EDPAs, which includes metrics like economic investment, job creation, and business performance.

KEDC also reviewed tax abatement agreements with Wagner Tuning and Orgill, both of which were ruled in compliance with the terms of their agreements.

Denton reported only 27 percent of the companies with current EDPAs are in the energy sector, which counts as a success for KEDC as one of their stated goals is to diversify the local economy to prevent over-reliance on the often-volatile energy sector.

The report also highlighted how KEDC has been steadily pursuing new leads on companies who may wish to relocate to Kilgore, develop new facilities here or in some way set up agreements with KEDC and the city.

“We had a very high number of leads that came in for 2023. We had 183 leads; 43 of those were not actionable. Of the leads that were actionable and that KEDC worked, 91 percent continue to be generated internally or at a regional level, which means our marketing program is working the way we want it to. We will continue on that track,” Denton said. Also in 2023, KEDC received numerous awards, including a Project Impact Award and Award of Excellence from Business Retention and Expansion International, as well as an Economic Excellence Recognition from Texas Economic Development Council.

City Manager Josh Selleck congratulated Denton and KEDC staff on their efforts and pointed out just how significant the past year has been for KEDC and for the city.

“The new value that this year’s efforts will yield, in comparison to the total value of this year’s tax roll, is an 8% increase in the taxable value of Kilgore through (KEDC’s) efforts this year. I’ve never seen a number like that. In a community our size, that number is just unfathomable, and shows your dedication in the work that you do. It makes a difference for all of our citizens,” he said.