LUFKIN, TX (KTRE) - A Lufkin business could soon be on the move. Tuesday afternoon, a Lufkin business group held a special meeting to discuss the future of the "unnamed" Lufkin business. While the group won't name the company, it did refer to it as Project Phoenix.
On Tuesday, the Lufkin 4B Economic Development Corporation held an executive session to discuss the future of an industry in Angelina County.
"We were approached by a company in, and it's been called Project Phoenix," said Thad Chambers Lufkin's economic development director.
Chambers said the project name was given to keep the identity of the company hidden until an agreement is made. However, he said that this company is responsible for rerouting storm sewer systems.
"The company is proposing to increase the taxable value of their property by 36 million dollars," Chambers said.
He further explained that to facilitate this investment, they have asked for a 100 percent tax abatement under the city's existing business guidelines.
The economic group wants to keep this business intact because it could affect the growth of Angelina County.
"If the company were to leave they would take their jobs with them," Chambers said.
Group members said the city has been working hard to develop several industries in the area as a means to strengthen the economy.
The city recently voted to give an abatement to the Pinecrest Energy Center to bring their business into town. However, the power plant received a scaled abatement.
On Tuesday night city, the council reviewed the group's proposal, which Mayor Bob Brown said was one of the most important decisions that the council had been faced with.
"I just think it's a vital part of the total conditioning and economy," said Brown.
The Lufkin City Council unanimously approved the proposed agreement.