File photo
File photo
A Little Elm company will benefit from a five-year, 50% tax abatement on real and personal property approved by Denton County Commissioners Court.
An application for Retractable Technologies (RTI) for a Tax Abatement/Reinvestment Zone application received approval from the commissioners, Denton County reported. The company manufactures automated retraction syringes and needles. As part of Operation Warp Speed and the U.S. vaccination campaign, RTI will increase manufacturing capabilities.
RTI will receive $53.6 million in a Technology Investment Agreement from the U.S. Department of Defense to increase its manufacturing capacity for pandemic response.
“We are excited to know that a Denton County company is playing such a critical role in the potential for our recovery from the COVID-19 pandemic,” Denton County Judge Andy Eads said. “The county’s abatement will assist RTI as it ramps up for mass production.”
RTI officials said production capacity will rise by 50% or more.
The Town of Little Elm offered a 50% tax abatement for 10 years through creation of a Reinvestment Zone for RTI’s 33.081-acre property in October 2020.
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