The board of directors of the Brownfield Industrial Development Corp. firmed up its spending plan for the coming year in a two-hour work session held Monday afternoon.
The approximately $750,000 budget is a decrease from the current year’s $810,000 fiscal layout.
The budget includes $245,000 for previously committed incentive payments, as well as $100,000 for projected incentives for new business prospects.
Also included is $50,000 for Brownfield Incentive Grant (BIG) program and $25,000 for Property Improvement Plan, which are both matching funds for local businesses to purchase a building or renovate its facade.
Also included was a line-item for debt service on a loan to purchase a building to facilitate a workforce training center in conjunction with Brownfield ISD to further the local school district’s vocation education programs and also to help solidify a more reliable, well trained labor pool.
A program of work was also discussed for the coming year. Final approval of both items will come at the next board meeting.