The next step in bringing more jobs to Stephenville is expected to be approved during Tuesday's city council meeting.
The Stephenville City Council is expected to approve a resolution that will seal an agreement by the Stephenville Industrial Development Corporation (IDC) to issue bonds for Tejas Tubular Stephenville Works, Ltd., or Caporal Industries.
In July, the council voted to reinstate the IDC to facilitate financing for the construction of a long-anticipated ERW Mill in an effort to bring the local manufacturing plant back online.
Also in July, City Administrator Mark Kaiser said GE Capital is working with Caporal to prepare the financing through private bonds, with a portion of the funding coming from a "direct loan" from the state. Kaiser said GE Capital had already signed off on the project.
In addition, Kaiser said the city will serve as the tax exempt entity Caporal is operating under with the IDC representing the interests of citizens. He also said the city will incur "no liability" as a result of the project.
Caporal closed it doors in 2009, leaving more than 140 area residents unemployed. At the time of the closure, General Manager Carl Spellman said the company, which manufactures steel pipe and tubing, was shutting down because of the economy. He also said company officials hoped an economic turnaround would allow the plant to reopen.
In January, the council made several moves geared at helping bring the plant back online, including the approval of the final plat for the Caporal Subdivision.
The project is expected to create about 200 positions for the local workforce.
Also on Tuesday's council agenda are:
• The Cross Timbers Fine Arts Council's annual report and budget presentation by CTFAC Executive Director Julie Crouch
• Consideration of a resolution calling all outstanding City of Stephenville Texas Combination Tax and Revenue Certificates of Obligation Series 1996 for redemption on Feb. 15, 2011
• Consideration of a request to rezone 1570 and 1580 West Hyman Street from B-2 "Retail and Commercial Business District" to R-3 "Multiple Family Residential District"
• Consideration of a resolution for hangar development at Stephenville Clark Regional Airport and another resolution for the airport layout plan
The Stephenville City Council meets at 5:30 p.m. in the City Hall Council Chambers, located at 298 W. Washington Street.