ODC looks for ways to help fund local infrastructure with unallocated money

ODESSA, Texas (KMID/KPEJ) – The Odessa Development Corporation recently approved a new business grant and a business expansion grant to two companies in the Midland-Odessa area during its latest meeting. Additionally, ODC talked about ways it can help to fund infrastructure needs that will benefit the community.

Odessa Development Corporation Board Members approved a $210,000 new business grant to Rental King. Rental King will be building a new equipment rental yard in Odessa as they move out of their current Midland location. ODC said the company will be expanding and is committed to making a $2.1 million investment in Odessa, in addition to creating 12 new jobs.

The ODC Board also approved a $2.1 million business expansion grant to Orrex Plastic Companies. Orrex manufactures a variety of technical plastic products, used in an array of applications on many national brands. The company will be adding 16 new jobs to their existing workforce of more than 160 employees.

“The ODC has been very busy over the past twelve months as we have helped provide incentive funding for a wide range of projects. From smaller employers and projects to the multi-billion-dollar 1.5 Direct Air Capture Project that is currently under construction, Odessa continues to be a very attractive place for businesses to call home. The ODC Board is very proud to be able to continue providing incentives which spur additional job opportunities and investments in our community,” said ODC Board President Kris Crow.

ODC also discussed ways it can help fund needed infrastructure projects that will benefit the community.

“Despite the large number of new and expansion business grants ODC continues to fund, the reality is that ODC continues to take in more money each month from sales tax revenues than we can find good business grant opportunities to fund. The ODC Board, as stewards of this pool of public tax dollars, is working very diligently to uncover ways that we can legally help fund some of the critical infrastructure work that we need in our city like water and sewer line replacements. We have $80 million currently unallocated in the ODC accounts that need to be put to work for the good of all Odessans, and we’re exploring every avenue available to see how we can make this happen,” said Crow.

“Under our existing Type A guidelines, we’re really hamstrung as to how we can use this money in ways that most benefit the everyday Odessan. We may have to try to push through legislation in the upcoming 2025 session that would allow us to use this money – which is in the bank today and would require absolutely no tax increases – to ensure that every Odessan has quality water and sewer service. We won’t stop working on this until we figure out a way to make it happen,” Crow continued.

During the meeting, the Board also appointed four new members to the ODC Compliance Committee, which is responsible for the initial vetting of new grant applications.

“The Board went in a bit of a different direction with these latest four appointments as we felt it was really important to ensure that all of Odessa – both geographically and socio-economically – was being represented on this important committee and we were pleased to have some really quality applicants come forward willing to serve,” said Crow.