The Denton city government cancelled a 2015 tax rebate agreement with Victor Equipment Company and Mohr Denton, LLC, this week.
The two companies planned a research and development expansion that began with an $18 million investment to expand the buildings on Airport Road. The expansion brought employees from other facilities to Denton and created new jobs.
Under the terms of the agreement, the city of Denton would have granted a tax rebate only if the project added a certain amount to the property tax rolls in a designated time frame. A review found that the project did not meet the requirements for a rebate.
The city canceled the agreement without making any payments. However, according to a memo provided to the City Council on Friday, the city's economic development staff met with Victor to offer other options for business assistance, including facilitation of its application for a state-funded workforce training grant.