Principal LED will receive $550,000 in incentives to expand its operations into the city’s Business & Industrial Park under an agreement approved today by the City Council.

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The economic development incentive package will assist Principal LED in purchasing and improving the former Taylor Publishing building at 3490 Venture Drive. The total value of the acquisition and improvements will be $3 million. The COSADC approved the deal Jan. 25.

“The 55,000-square-foot building provides much needed space for our rapidly growing company and our new residential lighting division, as well as the relocation of other operations from South Carolina and Florida to San Angelo,” said Bryan Vincent, Principal LED’s managing partner.

Located at 4541 N. Bentwood Drive, Principal LED is a local company that produces LED lighting fixture assemblies. It has grown from five to 51 employees over the last four years. The company intends to create 37 more jobs in the next five years. These full-time positions will pay at least $35,000 per year, plus employee-paid health benefits and 401(k).

The COSADC incentives will help Principal buy the building, which has been vacant for more than 11 years in San Angelo’s certified business park. Construction improvements are planned to begin within the next 90 days. The manufacturing facility should be fully operational by April 1.

“The economic development sales tax has helped our community-based businesses expand and create jobs this past year like no other year before,” said Tommy Hiebert, president of the COSADC board.