Last Updated on August 23, 2023 by Robert C. Hoopes
Fort Worth City Council to Vote on $18 Million Grant Agreement for McMaster-Carr Headquarters
The Fort Worth City Council is set to vote on an $18 million grant agreement that will help McMaster-Carr, an e-commerce hardware distribution company, establish its regional headquarters in far North Fort Worth. The proposed headquarters will be constructed on a 117-acre site located at 4894 Litsey Road.
In order to receive the grant funding, McMaster-Carr has committed to investing a minimum of $180 million in developing the site, as well as an additional $180 million in business personal property. This significant investment showcases the company’s confidence in Fort Worth as a favorable location for their operations.
Furthermore, McMaster-Carr has agreed to create a substantial number of job opportunities for the local community. Within the first year of operation, the company must generate a minimum of 150 full-time jobs, which will further increase to 250 full-time jobs within six years. These positions will come with an attractive average annual salary of $85,000, ensuring stable employment and economic growth for the region.
The impact of this development extends beyond job creation and corporate investments. The city estimates that the McMaster-Carr headquarters will generate approximately $56,796,775 in property and sales taxes, boosting the local economy and contributing to the overall prosperity of the area.
Founded in 1901 and headquartered in Elmhurst, Illinois, McMaster-Carr is a renowned supplier of hardware, tools, raw materials, industrial materials, and maintenance equipment. With its extensive experience and industry reputation, the company’s decision to establish their regional headquarters in Fort Worth speaks to the city’s appeal as a destination for businesses within the e-commerce sector.
Overall, the Fort Worth City Council’s forthcoming vote on the $18 million grant agreement signifies a significant step forward in attracting McMaster-Carr’s investment and solidifying the city’s position as a hub for e-commerce and industrial development. The establishment of the company’s regional headquarters will not only bring substantial economic benefits but also provide invaluable career opportunities for the local workforce, promoting growth and prosperity for the entire community.