City of Austin Announces US Farathane Corporation Economic Development Proposal

For immediate release
December 01, 2011

The City of Austin today announced an economic development incentive proposal with US Farathane Corporation, a global supplier to the automotive industry.

US Farathane Corporation is proposing to establish a manufacturing facility in Austin creating at least 228 jobs with average annual wages of $27,159.

US Farathane Corporation is a privately held company that offers a wide range of full service support from highly engineered composites to extrusion and compression technologies for the automotive industry. US Farathane Corporation employs approximately 900 employees and headquartered in Auburn Hills, MI.

The City’s proposal includes a performance-based grant over a 10-year period equal to 40% of the new incremental real and personal property taxes generated from this project. The total value of the incentive is estimated at $212,695. A presentation on the proposal will be provided to the Austin City Council at the regularly scheduled meeting on December 8 at Austin City Hall. Council consideration on the proposal will occur at the regularly scheduled Austin City Council meeting on December 15.

In 2009 the Austin City Council adopted a policy change to enhance the process for review of economic development proposals that includes increased transparency and an open input citizen process.

For more information visit the Economic Growth and Redevelopment Services Office web site.

About the City of Austin Economic Growth and Redevelopment Services Office

The Economic Growth and Redevelopment Services Office was created to lead the economic development, small business development, cultural arts, and emerging technology programs for the City.
Together, the mission of these programs is to create a cultural and economic environment that enhances the vitality of the community in a manner that preserves Austin's character and environment.

Contact: Brian Gildea, Economic Growth and Redevelopment Services Office, (512) 974-6381