Tax abatement agreement approved by Council
By Guy Chapman – Navarro County Gazette
The Corsicana City Council approved a tax abatement agreement with Corsicana Bedding LLC during the Sept. 14 session.
Corsicana Bedding LLC is considering investing $5,180,000 into the Interstate 45 Industrial Park, a retention and expansion move that will bring the Corsicana Mattress Company headquarters back to Corsicana. This move will retain the company’s 350 current jobs, while creating 100 new employment opportunities. Corsicana Mattress Company will get an abatement for personal property tax.
The abatement, working in conjunction with Hughes Commercial, will bring a new $19 million building and $5 million worth of equipment.
If any of the agreement terms between both parties are violated or the lease is not maintained, the deal expires and the City of Corsicana collects all the abated taxes.