Company temporarily returns 450k

A $450,000 incentive grant given to a local company to build a new 63,000-square-foot facility in southeast Odessa has been returned to the Odessa Development Corporation after a glitch in its construction plans.

The corporation's directors announced Wednesday during their monthly meeting that National Oilwell Varco, a oil field supply manufacturing company that plans to consolidate its local operations at the new $5.5 million facility and possibly expand jobs in doing so, encountered problems with its planning and contracting company and was forced to return the grant.

Gary Vest, economic development director for ODC, however, said the company has already started looking for another contractor and the setback almost certainly will be temporary.

When another contractor is on board with the company, he said, the corporation will return the grant, and construction could begin as soon as September.

Also during Wednesday's meeting, the board appointed four new members to its compliance committee, which is in charge of reviewing member businesses' adherence to the corporation's bylaws.

The board postponed appointing new members to its budget committee until next month's meeting.

The corporation also officially introduced its directors to its improved website, which includes new features - such as a new function that allows prospective business representatives to whip up a quick custom report using information from the website.

Vest also addressed the board and explained the successful passage of a state law during the recent legislative session that essentially will offer Summit Energy $100 million in tax credits to build a $2 billion power plant in this area.

The bill also provided expanded tax incentives to local oil well operators who use carbon-dioxide extraction techniques.

NEW ODC COMPLIANCE BOARD MEMBERS

>> Thomas Blackstone, Chase Bank.

>> David Boutin, Western National Bank.

>> Toby Tripp, Southwest Bank.

>> David Duree, Elms Faris.