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The McKinney Economic Development Corp. reached a $7 million agreement with Massachusetts-based Raytheon for the construction of a new facility.
The agreement, which was negotiated at the beginning of the year, will allow Raytheon to build a new manufacturing facility at its Space and Airborne Systems headquarters in McKinney.
According to Community Impact Newspaper, Raytheon could be paid approximately $7.01 million in the form of a non-interest-bearing loan if it meets a 500-position quota and makes improvements to the property.
As part of the agreement, the company could receive a maximum of $2.5 million for 500 total employees taking home more than $100,000 annually. Should Raytheon keep those employees through 2027, it will not have to pay the EDC back, per the agreement.
McKinney Economic Development Corp. President Peter Tokar said the organization carefully weighs and evaluates every dollar it invests in a corporate expansion.
The agreement is set to end Dec. 31, 2027.
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