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Texas Business Turns Down $1.8 Million Incentive

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Texas Business Turns Down $1.8 Million Incentive

CEO Feels Obligation to Fellow Taxpayers

PR Newswire

AMARILLO, Texas, Aug. 31, 2018 /PRNewswire/ -- In what's being called an unprecedented move, Alex Fairly, CEO of Amarillo, Texas based Fairly Group, has announced he is opting out of a substantial incentive package from the Amarillo Economic Development Corporation (AEDC).

According to the original agreement reached in 2017, the AEDC offered the Fairly Group a $1.8 million incentive package to meet annual performance requirements, which included adding 100 employees and $5.7 million in payroll over the next 15 years.

However, at the AEDC's August Board of Directors meeting Fairly announced to a packed room that his company not only wanted to end the agreement, but was going to return the $27,000 the AEDC had already paid.

"We're thankful for what the AEDC has meant to us," explained Fairly. "But we're doing fantastic, and the reality is we are able to continue growing and employing new people without assistance."

Fairly went on to explain how he reached his surprising decision, "I honestly felt an obligation to my neighbors and my fellow taxpayers to not be taking money we just don't need. That money needs to go to a company that might not be able to grow without assistance."

Board chairwoman Laura Street commended Fairly on the move, "I think this is an extremely positive gesture. It's wonderful that you are allowing the taxpayers to reinvest that money into future projects, so I commend you for your business."

The Fairly Group specializes in risk management, commercial insurance and employee benefits. The company currently employs between 135 and 140 people with all but 30 based at the Amarillo headquarters. The Fairly Group hired about 20 new people last year and another 20 this year. A number that is expected to double in the next two years.

 

Cision View original content:http://www.prnewswire.com/news-releases/texas-business-turns-down-1-8-million-incentive-300705159.html

SOURCE Fairly Group

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