CH2MHill, a giant engineering company, will move its new global energy group to Houston, in exchange for an estimated tax break of $160,000 and a $2.5 million grant from the Texas Enterprise Fund.
The Houston City Council voted 16-1 in favor of granting the company a tax break in exchange for a commitment to create 333 full-time jobs and retain 167 existing full-time jobs in Houston for 10 years. Under the deal, CH2MHill’s tax break would be based on how much the company pays in real and personal property taxes. The tax break would be in addition to a $2.5 million grant from the Texas Enterprise Fund, which was established in 2004.
The arrangement is part of Houston’s 380 agreement, in which the city can give a company a tax break in exchange for creating jobs by relocating to Houston or expanding a local business.