The 75 citizens who attended Thursday’s Chamber of Commerce luncheon at the Beeville Country Club came away with a plethora of positive facts and figures that could be realized with the building of a new $1.8 million warehouse at Chase Field.
However, the most encouraging announcement was by Laura Fischer, Bee Development Authority board president. She told the audience that Joe Montez, BDA executive director, was in Austin and had been informed that the state had awarded $645,000 that day toward the project from the governor’s Military Preparedness Commission.
She thanked our new state Rep. José Aliseda, who was present at the Chamber meeting, for making calls and helping Beeville obtain the state grant.
Now the local investment to complete the project will amount to less than $1.2 million, she added. The state grant will only be awarded if the community can come up with the remainder of the funds needed.
Guest speaker Jerry Walker with Impact Data Services from Austin presented a Power Point program on the economic impact of building the new warehouse for Sikorsky Aerospace Maintenance and Kay and Associates at the former Navy base.
The economic consulting specialist determined that over the next 10 years the facility would result in 175 direct jobs and about 175 indirect jobs for some 350 total jobs.
He indicated there would be $125 million realized in direct and indirect salaries over 10 years, and 165 workers would move to the community. Some 579 new residents would come here, he said.
Walker believes that $2.9 million in new residential property will be added to the local tax rolls, and 206 new students to the public schools. This would mean $46 million in new taxable sales in the community, largely from workers’ spending.
He projected that there would be $3.2 million in additional revenues for the city in the form of sales and property taxes, utility revenues, hotel occupancy taxes and other taxes and fees. He added that there would be $2.5 million in additional costs, providing utilities and services to the new residents.
Overall, he noted $2.2 million in total net benefits, with the Beeville ISD being the biggest beneficiary, followed by the city, county, water supply district and college.
He determined the $1.8 million would be a good investment, provided the company hire as many workers as indicated. He projected a 12.6 percent average annual rate of return on the investment over each of the first 10 years if the community footed the entire $1.8 million, which “is a good rate of return.”
When informed of the state’s $645,000 reducing the local cost to roughly $1.15 million, Walker said that would raise the return on investment upward of 18 percent annually for an even better deal.
Fair-minded Bee Countians who are interested in seeing this community grow and prosper during the next decade would wholeheartedly agree.