SHERMAN, Tex. (KXII) - Monday night city council signed off on the first new business to come to Sherman with the sales tax incentive program.
It's a deal where the city offers businesses a cut of sales tax revenue in exchange for setting up in town.
A branch of the Bobcat stores could be coming to Sherman and taking advantage of this program. They sell compact construction equipment, like skid-steer loaders and mini-excavators.
They're planning on buying the building that used to be Havertys furniture store next to Midway Mall.
Randy Vickers with Berry Companies Inc., the company who owns Bobcat of Dallas, said they expect to hire 10 to 12 people off the bat and more in the coming years.
He said they've been working on this project for nearly a year.
Vickers said they looked into locations in Whitesboro and Denison too, but Sherman's sales tax incentive is one of the factors that drew them there.
Businesses can apply for the program.
If they're approved by city staff and city council, at the end of a set time period, which varies depending on the size of the business and the amount of revenue it brings in, the business will get a check from the city for half the amount they generate in sales taxes.
The city is looking at the number of jobs a business will bring, and if it's a new store or restaurant Sherman doesn't have yet.
Bobcat will get their check after two years.
Vickers said they expect to make $6 to $8 million in sales a year, and hope for that number to climb to $12 million in a few years.
"The whole county here is growing. As you probably well know, there's a lot of activity here," said Vickers.
"This is really a poster child for what this program was designed to do," said City of Sherman spokesman Nate Strauch.
Vickers said city council approval is the first step.
He said now they need to officially close on the building, then remodel.
They're hoping for the Bobcat store to be open by late summer.