Tax Incentives Help Fuel Innovation
Grayson County will help Ruiz Foods in its latest expansion. The county approved a five-year, 50-percent
abatement on the proposed $30.3 million expansion of the food manufacturer’s operations in Denison, Texas.
The abatements approved by local taxing entities, including county commissioners, would go toward expanding machinery in the existing footprint of Ruiz’s plant alongside internal upgrades and renovations to support the new equipment lines.
The city of Denison approved its series of abatements in May.
“Ruiz Foods is a great corporate citizen, and we are very happy to support them in their desire to invest $30 million in their Denison Plant.”
Community Offers Pro-Business Environment
Denison, Grayson College, and the county have all approved a 50-percent tax abatement for five years. The local elected officials in Denison continue to show the country they are pro-business and appreciate the investments and jobs new and expanding manufacturers bring to their area.
Manufacturing Automation Paves the Way Forward
According to Kaai, the expansion includes new automation equipment amid the employer’s struggles and hiring and retaining employees during this jobseeker’s market with tightening labor pools.
The county tax abatement will involve two phases of work and last five years for each phase. During this time, the county agrees to abate 50 percent of the property taxes related to the improvements or new equipment. The abatement for the first phase is expected to begin in January 2023, with second phase abatements scheduled to start in 2025.
The Ruiz deal represents one of two abatements approved by commissioners Tuesday following a separate abatement package in support of a $5 billion project by Globitech and parent company GlobalWafers.
“We’ve got two different things where it’s moving us into the future. You always hear of the doom and gloom about what’s going on nationally as an economy, but we’ve got modernization of plants that are going to ensure productivity, County Commissioner Jeff Whitmire said. “We are moving production from offshore back into the United States, and it’s a great day for North Texas.”
Ruiz Foods is the nation’s largest manufacturer of frozen Mexican foods. They recently announced their plans to relocate their corporate headquarters from California to Texas.
Denison, Texas, is located in the Metroplex Region of Texas, just over an hour north of downtown Dallas.