An agreement to lease property to a company in the rail park was approved Thursday by the Levelland Economic Development Corporation.
The agreement allows Pipeline Plastics to lease 9.3 acres of land with the option to buy it, said Shawn Kirkpatrick, LEDC executive direction.
‘This additional acres gives Pipeline Plastics additional laydown storage adjacent to their current facility for continued growth,’ said Kirkpatrick. ‘Their current facility has obtained its Certificate of Occupancy and is being fitted for production.’
He added that the company has reached its ‘first milestone’ in accordance with its performance agreement.
The company, which manufactures pipeline, recently completed construction of a $2 million-plus plant in Levelland Industrial Rail Park.
According to a lease agreement, Pipeline Plastics will pay the LEDC $1,000 a month to lease the property for five years.
At the end of the primary term of five years, the company may buy the lot for $171,450.