SHERMAN, Tex. -- The economy might be hurting in other parts of the county, but it continues to grow in Sherman. On Monday, the Sherman Economic Development Corporation struck a deal with Panda Energy, a company headquartered in Dallas.
SEDCO president John Boswell says the company is making a $300 million capital investment in Sherman.
“We're very excited that yesterday the board of directors approved this, its' a significant capital investment, which will share the tax burden for all tax payers and provide electricity for 400,000 homes," Boswell says.
Boswell says with all the large companies that call Sherman home, the investment by Dallas-based Panda Energy is the biggest of its kind in recent years.
"It’s the largest capital investment project that we've had in Grayson County, in Sherman, in a long time is the Tyson project, which is $100 million," Boswell says.
Plans for the power plant call for a natural gas powered facility but it's only expected to bring around 25 direct jobs. Not nearly the number of other large businesses in town such as Tyson.
But economic experts say the tax base for this project will be huge, bringing in an estimated $248 million over the next decade.
Sherman mayor Bill Magers says he expects to see more companies like Panda interested in the city.
"We’re in the right place, north of Dallas, growth is coming our way, as we know, this is more of an indication of the growth that's coming, and the types of businesses that are going to be drawn to Sherman with our assets of water and great location," Magers says.
The new plant will sit on more than 200 acres of land in Progress Park III, and is expected to be one of the cleanest power plants in the nation.
Boswell says striking the deal is the first of several phases to complete before the plant is built. Panda Energy still has to go through a permitting process with the state, and it could be some time before construction begins and the plant is up and running.
Read the press release from Panda Energy here