Summit Power Group officials have a bit more time on their hands as the Odessa Development Corp. approved to push back two requirement dates in the group’s economic development agreement.
ODC members agreed Thursday to push the required date for financial closing from March 1 to Sept. 30 and the full-employment date from Dec. 31, 2015, to June 30, 2016. Summit’s $5 million economic development agreement was first approved by the ODC in January 2010.
The groundbreaking for the Texas Clean Energy Project has been delayed and Summit Power Group officials have asked the City of Odessa to push back the financing and employment deadlines for the project.
Ground breaking for the project, expected to cost between $2.2 and $2.5 billion, was to have been in December or the first part of this year.
The local economy continues to go from strength to strength, following 2011’s sales tax numbers with even greater returns.
The city of Odessa received $3,559,425.22 from the state comptroller’s office, a check based on December’s sales taxes.