Section 551.087 to discuss an offer of financial or other incentive to Hirschfeld Energy Systems, LLC with whom the City of San Angelo is conducting economic development negotiations and which the City of San Angelo seeks to have, locate, stay or expand in San Angelo.
It does not say to discuss performance regarding an existing economic development agreement. The language implies this a new agreement and earlier this year economic development staff suggested the city was in negotiation with existing employers hit hard by oil field wage increases.
Hirschfeld Energy Systems is part of Hirschfeld Industries, which includes Hirschfeld Steel Group. If this is a new economic development package for Hirschfeld what number will it be? At least the second.
In December 2010 The City executed a $2.6 million package for Marifer-Hirschfeld, which became Hirschfeld Energy Systems.
I recall Hirschfeld Steel playing Abilene, San Angelo and Lynchburg, Virginia off one another, but don't know how economic development funds played into any moves.
It will be interesting to hear a report from City Council's executive session. That they've named the company in the agenda, any new deal could be close. If it's an update on the old deal the item is poorly worded.
The Hirschfeld name is synonymous with San Angelo, but loyalty means little to those seeking maximum profits. Public subsidy money is a non-debt, non-equity capital injection. It may be habit forming.