Texarkana College trustees met Monday afternoon to approve an agreement with TCI Texarkana, Inc., for tax abatement on the construction of a new state-of-the-art cold rolling mill to produce common alloy.

Texarkana College president Dr. Jason Smith said TCI's new construction project will not affect current tax revenue from the corporation due to the tax abatement agreement.

“The proposed new mill has a contract amount of $100,000,000 and will bring 75 new jobs to Bowie County,” said Smith.

According to a press release, the property tax abatement will be for 10 years on a sliding scale starting at 90 percent and dropping to 10 percent by year ten. After the tenth year, TCI will be responsible for 100 percent of the taxes based on the property valuation at that time.

Smith said the agreement terms and the property meet the applicable guidelines and criteria governing TC’s tax abatement agreements.

“We are glad to support the efforts made by ARTX REDI and TCI to bring new economic growth to our area. We are appreciative of all the work that has been done to ensure this project is viable and successful.”

Getty Images
Getty Images

Meanwhile, in other related news, Kim Jones, TC’s chief financial officer and vice president of finance, reported on the college’s audit for the 2020-2021 fiscal year ending August 31, 2021. Jones said the independent audit, conducted by Thomas and Thomas Certified Public Accountants, resulted in a completely clean audit with zero findings.

TC Board President Kaye Ellison said the audit report shows campus-wide commitment to maintaining excellence in fiscal management and controls while maintaining a safe and secure learning environment for students.

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