The board voted unanimously to offer the incentives to Amerimex Rig Movers LTD and Amerimex Drilling 1 LTD during the meeting, according to Terry Wegman, executive director of the economic development firm.

“It’s a pretty standard incentive in the realm of economic development,” said Wegman. “The board agreed to fund the two companies up to $1 million for construction. They have purchased land in Howard County, and if they accept the agreement they will most likely borrow from a bank to fund the initial building of the structures, which will most likely cost more than $1 million.

“Once they are up and running, Moore Board will then take over the note from the bank. For every $10 they pay out in payroll, $1 of their debt is forgiven. So, if they spend $1 million a year in payroll for 10 years, they could knock out the whole thing.”

Wegman said the contract — which will have to be approved by both companies and their attorneys before being finalized — requires the payroll dollars to go to employees residing in Howard County to count toward the 10 to 1 ratio.

“This is really a step in the right direction for Big Spring and Howard County,” said Wegman. “Bringing in $1 million in payroll can have a very positive impact on the local economy. It also brings 20 to 30 good paying jobs to the area. The company will be keeping its corporate headquarters in Sweetwater, but both of the companies looking to locate here will be managed locally.”

Wegman said both companies are oil and petroleum related.

Contact Staff Writer Thomas Jenkins at 263-7331 ext. 232 or by e-mail at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it