Tape manufacturer gets $234K incentive from SEDCO
Trinity Tape and Marking produces lines of marking tape and similar products and currently has a staff of about 10 people, and coming into the new year, the company is considering investing $4.68 million in a new location in Sherman's Midway Industrial Park.
To help with the new project, Sherman Economic Development Corp. recently approved a $234,000 incentive for the business to relocate to Sherman. This would allow the company to potentially double its staff to around 20 people.
"This helps diversify our economy and we love helping small companies and watching them grow," SEDCO President Kent Sharp said Wednesday. Sharp described the products as similar to what Presco produces, but on a smaller scale.
The company approached SEDCO for possible incentives, and the economic developer agreed to assist with up to 5 percent of the project costs.
As a part of the agreement, SEDCO will provide five annual payments of up to $46,800 based on investment. This funds can be forgiven if the company maintains an average of 10 employees over the course of the incentive agreement.