Thursday, August 11, 2022

County approves tax abatement for business helping with vaccines

(Photo courtesy of Denton County)

The Denton County Commissioners Court on Tuesday unanimously approved a Tax Abatement/Reinvestment Zone application for Retractible Technologies, a company that is involved with Operation Warp Speed and the upcoming COVID-19 vaccination campaign across the country.

The Little Elm company, a pioneer in providing effective safety syringes with automated retraction syringes and needles, will increase manufacturing capabilities after the U.S. Department of Defense agreed to fund $53.6 million to increase RTI’s manufacturing capacity for the production of safety needles and syringes for current and future pandemic response, according to a news release from the county. The county has now agreed to a 5-year, 50% tax abatement on real and personal property.

“We are excited to know that a Denton County company is playing such a critical role in the potential for our recovery from the COVID-19 pandemic,” said Denton County Judge Andy Eads. “The county’s abatement will assist RTI as it ramps up for mass production.”

RTI officials indicate the company will renovate part of its existing facility to create a controlled environment as well as add automated assembly lines, molding machines and other specialized equipment to increase production capacity by at least half.

“This tax abatement brings direct benefits to Denton County in terms of more than $50 million in expansion improvements as well as the creation of a number of skilled jobs,” said Director of Economic Development Michael Talley.

The town of Little Elm created a Reinvestment Zone No. 5 for RTI’s 33.081-acre tract in October, which will provide a 50% tax abatement for real and tangible taxable personal property for 10 years.

“Knowing RTI is at the forefront of the latest technology to deliver vaccines safely is something for all of us to be proud of across the county,” said Precinct 2 Commissioner Ron Marchant. “We are fortunate to have a company of this caliber in our midst and we gladly support them in this endeavor.”

Mark Smith
Mark Smith is the Digital Editor of The Cross Timbers Gazette.

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