Susser's Stripes Receives $640K in Tax Incentives
CORPUS CHRISTI, Texas -- Susser Holdings Corp., the parent company of Stripes convenience stores based here, received $640,000 in tax incentives from the Corpus Christi Regional Economic Development Corporation and the city's Business and Job Development Corporation, also known as the 4A board, the Texas-based Corpus Christi Caller Times reported.
With the company's recent acquisition of Town & Country Food Stores, Susser plans to relocate 11 Town & Country employees from San Angelo and create 36 new local jobs during the next five years, according to the report. These 47 additional employees, at an average salary of $60,106, will be based at the company's corporate offices in Corpus Christi.
"As we continue to expand our store base, we will have to support our stores by increasing employment in our support services, which include marketing, operational and financial accounting, human resources, information technology, operations, and construction, maintenance and environmental services," said Chip Bonner, Susser attorney.
Bonner said he estimates the annual payroll of the 47 jobs that will be created or relocated to Corpus Christi will exceed $2.8 million per year.
"These 47 jobs will allow us to continue to support and grow our company," he said.
The incentives will be paid in five annual installments of $128,000 starting next year, according to the report.
Butch Escobedo, 4A board member, said in the Corpus Christi Caller Times report that the incentives were granted to Susser because it was a locally owned company that wanted to bring additional high paying jobs to the area.
"It's a growing locally owned business and the goal of these incentives is to bring and keep jobs in the community," Escobedo said to the newspaper. "It is our hope that as the company grows, they can maybe invest some of those dollars back into the community or help smaller businesses in the community."
He also said incentives for companies often are used to stimulate a bigger return on the initial investment in the community.
By 2009, Susser also will invest $3 million in new furniture, fixtures and equipment to relocate the company's current headquarters.
With more than 500 stores, Susser is one of the largest convenience store operators in Texas. The company also has Stripes convenience stores in southern Oklahoma and eastern New Mexico. The company employs about 1,100 people in the Corpus Christi area.
With the company's recent acquisition of Town & Country Food Stores, Susser plans to relocate 11 Town & Country employees from San Angelo and create 36 new local jobs during the next five years, according to the report. These 47 additional employees, at an average salary of $60,106, will be based at the company's corporate offices in Corpus Christi.
"As we continue to expand our store base, we will have to support our stores by increasing employment in our support services, which include marketing, operational and financial accounting, human resources, information technology, operations, and construction, maintenance and environmental services," said Chip Bonner, Susser attorney.
Bonner said he estimates the annual payroll of the 47 jobs that will be created or relocated to Corpus Christi will exceed $2.8 million per year.
"These 47 jobs will allow us to continue to support and grow our company," he said.
The incentives will be paid in five annual installments of $128,000 starting next year, according to the report.
Butch Escobedo, 4A board member, said in the Corpus Christi Caller Times report that the incentives were granted to Susser because it was a locally owned company that wanted to bring additional high paying jobs to the area.
"It's a growing locally owned business and the goal of these incentives is to bring and keep jobs in the community," Escobedo said to the newspaper. "It is our hope that as the company grows, they can maybe invest some of those dollars back into the community or help smaller businesses in the community."
He also said incentives for companies often are used to stimulate a bigger return on the initial investment in the community.
By 2009, Susser also will invest $3 million in new furniture, fixtures and equipment to relocate the company's current headquarters.
With more than 500 stores, Susser is one of the largest convenience store operators in Texas. The company also has Stripes convenience stores in southern Oklahoma and eastern New Mexico. The company employs about 1,100 people in the Corpus Christi area.