By William Thompson: Quay County Sun
Employees’ funds would be for real estate.
The city of Tucumcari is offering Interstate Distributor Company incentives totaling $60,000. The incentives for the trucking firm, which has a working terminal in Tucumcari, come in the form of real estate vouchers.
Tucumcari’s economic development director Pete Kampfer
explained how it works.
“We will offer any Interstate employee, who has been with the company at least six months, $3,000 toward the purchase of a home or land in Quay County,” he said. “We will offer the money to 20 employees from now until January 2007.”
Kampfer said in 2007 a decision will be made whether to continue the incentive plan.
“It’s thinking outside the box,” Kampfer said. “As of now we are proposing this for the recruitment of new manufacturing-based companies.”
City Manager Richard Primrose said the economic development tax revenues will fund the real estate vouchers for Interstate employees.
“The economic development tax comes out of the city’s gross receipts tax,” Primrose said. “The economic development tax revenues amount to about $216,000 per year. These tax revenues are for the economic development director to recruit new businesses.”
Kampfer said the real estate vouchers are good only for homes or land and are not for paying rent on an apartment.
“The employee will need to show us a contract for the purchase of a home or land,” he said.
Interstate Distributor officials could not be reached for comment but Paul Smith, manager of Interstate’s Tucumcari terminal, said last year that the company would like to see the Tucumcari terminal used as a base for company drivers who live in the Tucumcari area.
The City Commission approved the incentive plan and Kampfer said it is the city commission’s responsibility to approve any future incentive plans for other companies.