Amarillo City Council Approves Incentives for Local Business Expansion
Approval ushers in 125 new jobs to the area economy
The Amarillo City Council approved today the use of financial incentives from the Amarillo Economic Development Corporation (AEDC) to support the expansion of Amarillo-area business Asset Protection Unit (APU). This final step in the approval process allows the AEDC to provide up to $1.25M to APU to support the company’s plans to create 125 jobs in the next five years.
Established in 2002, Asset Protection Unit, LLC is a leading provider of data mining and over-payment recovery for insurance and related industries. The company currently employs more than 35 area residents. The company is positioned to create 70 new positions over the next 12-months and an additional 55 within 5-years.
“With the council’s vote today, this allows for the continued growth and expansion of the Amarillo economy,” stated Amarillo Mayor Ginger Nelson. “The economic ripple effect of an additional 125 jobs is substantial. These are individuals with families. They will be paying taxes and contributing to the local economy in countless ways. Amarillo has embraced an aggressive and proactive approach to maintain and improve its business environment – and this vote by the council is an example of that commitment.”
“We are thrilled to partner with the Amarillo EDC in the growth of Asset Protection Unit,” responded Damon Herbert, Vice President of Asset Protection Unit. “The investment made today by the Amarillo City Council demonstrates their faith in our company and bolsters our corporate vision to continue to grow and capitalize on new opportunities ahead.”
The AEDC’s financial support of the expansion includes $10,000 for each job created and retained by APU. Expansion increments of five employees and $215,000 in payroll will be made annually over the next five years. The incentive agreement is capped at $1,250,000.
The Amarillo Economic Development Corporation (Amarillo EDC) is the primary economic development engine of the Amarillo community, responsible for industry growth and job creation through business attraction and retention initiatives. The mission of the Amarillo EDC is to attract businesses to Amarillo which offer highly skilled, highly-paid positions; to expand and retain existing local businesses in Amarillo, and to foster a business environment conducive to entrepreneurship. Learn more at www.amarilloedc.com