The Denton Economic Development Partnership Board convened on June 25, 2025, to discuss a significant incentive agreement aimed at attracting a new manufacturing facility to the area. The board considered recommending approval to the city council for an incentive package for Panel Ray, a subsidiary of Grupo Comax, which is based in Monterrey, Mexico. This initiative could bring substantial economic benefits to Denton, including job creation and increased tax revenue.

Panel Ray is looking to establish its first U.S. manufacturing facility in Denton, focusing on producing joint compounds and drywall. The proposed site is a 60,000 square foot building located in the industrial area south of Airport Road. The company plans to invest approximately $15 million in capital improvements, which include renovations to the building and the installation of specialized equipment.

The incentive agreement under consideration includes a five-year Advalor rebate on real property taxes, potentially amounting to $47,419, and a rebate on business personal property taxes up to $122,938. Additionally, the proposal includes a job-based grant for 11 qualified jobs, with an average salary of $72,733, and a one-time relocation grant of $50,000. The total estimated value of the incentives is $236,857.

If approved, the project is expected to create 20 new jobs over the next few years, contributing to the local economy. The anticipated net benefits to the city over ten years are projected to be $617,000, with additional benefits to the county and school district. The payback period for the city is estimated at just two years, with a return on investment of 3.8%.

The board's recommendation will be forwarded to the city council for further consideration on July 15. This development represents a strategic move to enhance Denton's economic landscape, leveraging its location and growth potential in North Texas.