June 16, 2021

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WF Economic Enhancement Corp. amends Panda Biotech incentive arrangement

WICHITA FALLS (KFDX/KJTL) — The Wichita Falls Financial Enhancement Company has modified its arrangement with incoming hemp processing firm Panda Biotech.

Metropolis councilors approved a resolution to decrease the company’s forgivable personal loan from the metropolis from $2 million to $1 million.

The firm is at the moment doing the job to market $100 million worth of Texas industrial bonds.

Since hard cash move is a issue for the firm, they will be loaned $1 million with products in the building serving as collateral.

The remaining million bucks from the forgivable mortgage is extra to the existing work development incentive.

“Once they sell the bonds, they’ll pay back that loan back again and the relaxation of the incentive will be moved into funds for work opportunities scenario which means we never pay them a different greenback in incentives until finally they’ve by now employed folks and experienced them on payroll in Wichita Falls for at minimum 6 months,” WF Chamber of Commerce President & CEO Henry Florsheim reported.

Florsheim also explained for the reason that the metropolis is backed by collateral, taxpayers will not be affected if the job ended up to strike some pace bumps. He said there is no explanation for problem about whether Panda will be in a position to pay back the bank loan.