· Origin
City Council endorses a $15 million AEDC grant for a proposed Texas Tech veterinary school
The Amarillo City Council unanimously endorsed a $15 million grant from the Amarillo Economic Development Corporation, funded by the half-cent sales tax, to the Texas Tech University System for a proposed veterinary school, payable at $1.5 million a year for 10 years. Conditions included starting construction by September 1, 2018, starting operations by September 1, 2022, and at least $50 million in payroll and benefits from September 2022 to September 2027.[1]
Robert L. DuncanAmarillo Economic Development Corporation (AEDC)Texas Tech University System
What the sources say
- ✓ Verified
On September 20, 2016, the City Council unanimously endorsed a $15 million AEDC grant to the Texas Tech University System, funded through the half-cent sales tax and payable at $1.5 million per year for 10 years.[1]
- Grant
- $15,000,000
- Annual installment
- $1,500,000
- Installments
- 10
- ✓ Verified
The 2016 grant required Texas Tech to begin construction by September 1, 2018 and operations by September 1, 2022, and to pay at least $50 million in payroll and benefits to school employees from September 1, 2022 to September 1, 2027; missing the payroll requirement would reduce the final $1.5 million installment.[1]
- Payroll requirement
- $50,000,000
- ✓ Verified
In 2016 the project's cost was estimated at $80 million to $90 million, and the Texas Tech University System estimated about 100 new jobs (estimates).[1]