SHERMAN, TX -- A new business coming to Sherman could bring dozens of jobs and millions of dollars in tax revenue to the area. Josh Stevenson has more on Panda Energy's plans for Grayson County.

Right now an area of Progress Park is just a field with some tire ruts going through it, but starting in 2010 it will be well on its way to becoming a $300 million natural gas plant.

"We believe it is the cutting edge of making clean electricity," says Bill Pentak of Panda Energy. Pentak says natural gas may be the answer to America’s energy crisis.

"There is right now in the U.S. a 100 year supply of natural gas. We are the Saudi Arabia of natural gas in America," Pentak says.

Panda Energy will be building a combined cycle natural gas plant in Sherman to meet the increased power needs of North Texas, which is one of the fastest growing regions in the nation.

"The Sherman generating station will supply the power needs of 400,000 to 450,000 homes," Pentak says.

Besides generating power, the plant will also generate jobs.

"There are about 27 jobs that go along with this," Pentak added.

Besides the permanent positions the plant will also bring in 300-400 construction jobs.

Panda Energy says that access to natural gas, and city water were some of the factors that made Sherman an attractive place to do business. John Boswell of the Sherman Economic Development Corporation says that bringing in companies like Panda Energy is important for the future of the area.

"The City of Sherman and county commissioners have both approved incentives to bring them here," Boswell says.

Even with rebates and incentives Panda Energy will still be paying taxes to the tune of $100 million a year, which could be a real boost for the city, the county, and for taxpayers.