LUFKIN, TX (KTRE) - Officials with the city of Lufkin and Angelina County are hoping an abatement package will bring a new business to the area.
Tuesday morning, the Angelina County Commissioners approved a abatement deal for TFG Lufkin. TFG Lufkin is the development group that is working on bringing in businesses to the Angelina Village Shopping Center. The tax abatement schedule was presented to the commissioners by Lufkin Assistant City Manager and member of the economic development board Steve Floyd.
Floyd told commissioners the abatement deal would be zero taxes on any new property coming in for the first two years and then over the following four years would work down to 20%. The deal had been previously passed by the Lufkin city council and Angelina College.
"This is an incentive to bring new business to the Angelina Village Shopping Center," Floyd said. "This does not apply to a current business or another business in Lufkin that would relocate there. This is to bring in a business that is not here currently."
Floyd said he is not sure if TFG has any new businesses lined up at this time. The center is currently home to several businesses leaving several thousand square feet left for development. Floyd said it is plenty to bring in an addition business.