SEDC Paves the Way for Additional Main Street Parking

Sam Holbrooks

Wednesday, February 27, 2019

The Seminole Economic Development Corporation (SEDC) met at City Hall on Monday with expectations of a presentation by representatives of Odessa College and its welding program as a cooperative curriculum agreement between OC and the Seminole ISD approaches its launch.

The officials were unable to appear for the sole item of business on the EDC agenda, however, and the Board instead focused on a number of items that had been prepared for City Administrator Tommy Phillips’ regular Administrative Report.

Most notably, Phillips reported that an agreement reached between the EDC and International Fatum Technologies, LLC (IFT) has progressed, and the company has dug a well and begun early groundwork on the seven-acre parcel of land east of the city that was provided to the New York City-based company as part of its agreement.

The firm specializes in the cleaning and decontamination of oil and gas equipment and piping for reuse. Their processes are

designed to remove radionuclides and other contaminations that accumulate on inner and outer surfaces during drilling and mining processes.

The company is expected to employ at least nine employees in Seminole, with salaries averaging approximately $60,000 per year. An IFT sister

company is expected to occupy an adjacent seven-acre property after the deal is finalized.

Phillips also provided an update on recent purchases of properties on SW 2nd St. that will serve as additional parking for several Main Street businesses. Phillips recommended that the city contract engineering work to set elevations for proper drainage of the parking lot during times of heavy rains. Also purchased was the 2nd Street building that had previously housed the Security Finance Company.

The Board discussed additional new businesses in Seminole that are close to their opening dates, primarily centered on Main Street, as well as Avenue G.

Phillips reported that sales tax collections for February are up 12.33%, bringing the year-to-date increase to 28%.