Denton County Commissioners Court unanimously approved a Tax Abatement/Reinvestment Zone application for Retractable Technologies, Inc. (RTI) on Tuesday, allowing a 5-year 50 percent tax abatement on real and personal property.
The Little Elm company, a pioneer in providing effective safety syringes with automated retraction syringes and needles, will increase manufacturing capabilities as part of Operation Warp Speed and the upcoming vaccination campaign across the U.S. The U.S. Department of Defense through a Technology Investment Agreement has agreed to fund $53.6 million to increase RTI’s manufacturing capacity for the production of safety needles and syringes for current and future pandemic response.
“We are excited to know that a Denton County company is playing such a critical role in the potential for our recovery from the COVID-19 pandemic,” said Denton County Judge Andy Eads. “The county’s abatement will assist RTI as it ramps up for mass production.”
RTI officials indicate the company will renovate part of its existing facility to create a controlled environment as well as add automated assembly lines, molding machines and other specialized equipment to increase production capacity by at least 50 percent.
This tax abatement brings direct benefits to Denton County in terms of more than $50 million in expansion improvements as well as the creation of a number of skilled jobs,” said Director of Economic Development Michael Talley.
The Town of Little Elm created a Reinvestment Zone No. 5 for RTI’s 33.081-acre tract in October, which will provide a 50 percent tax abatement for real and tangible taxable personal property for 10 years.
"The RTI expansion means significant benefits to Little Elm, Denton County, and the entire North Texas region, bringing an increase in both tax dollars and jobs to the Town, which will help boost our local economy," said Jennette Espinosa, Executive Director of the Little Elm Economic Development Corporation.
“Knowing RTI is at the forefront of the latest technology to deliver vaccines safely is something for all of us to be proud of across the county,” said Precinct 2 Commissioner Ron Marchant. “We are fortunate to have a company of this caliber in our midst and we gladly support them in this endeavor.”