ORANGE, Texas — Orange County is a finalist for a possible new facility to be built by Chevron Phillips.
Monday night school board members of the West-Orange Cove Consolidated Independent School District considered offering a tax abatement to the petro-chemical company over a ten year period.
Chevron Phillips Comany LP has applied for a "value of limitation" with the board according to an item on the Monday meeting's agenda.
A "value of limitation" would allow the company a 10-year "limitation on the taxable property value for school district maintenance and operations tax (M&O) purposes" according to the Texas Economic Development Act.
“We remain very encouraged by the fundamentals supporting an additional petrochemical investment in the U.S. Gulf Coast. The availability of competitive feedstocks in the region and growing worldwide demand for our products appear to support such an initiative.
“At this point in time, Orange, Texas is a finalist undergoing due diligence for a new petrochemical investment if we make a final investment decision to proceed. However, the location is only one of the alternatives we are considering along the U.S. Gulf Coast. It would simply be premature to say that Orange is definitively where we would put a new petrochemical facility if we decide to build one,” said Nick Facchin, Communications Advisor for Chevron Phillips Chemical Company LP in a prepared statement.