DCOA's vision pays off for local economy

The risks of economic development are always present, whether you're buying a lottery ticket or starting a new business. You have to pay the costs up front with no guarantee you'll ever see your investment returned, let alone a profit.

But how rewarding when the effort and expense pays off and does so almost immediately.

When the Development Corporation of Abilene decided last year to follow the advice of local developers and begin construction on a 100,000-square-foot "speculative" building, there must have been doubts that the $2 million being spent would succeed in attracting a large industrial firm whose contribution to the local economy and job market would one day make the expense look like a bargain.

The project did not lack its critics, who attacked not only this particular endeavor, but also the half-cent sales tax in general as a misguided ripoff.

The building, however, didn't stand vacant for even an entire week after being finished before the DCOA landed a buyer.

Zoltek, a St. Louis-based carbon fiber manufacturer, has signed a contract that promises a long-term infusion of economic energy into the Abilene community. The city will get an estimated 250 new jobs over the next five years - good-paying jobs that range from engineers to assembly-line laborers. The city will also get:

n A $56 million investment in machinery, equipment and building improvements.

n Some $4 million in school taxes the first 10 years, with continual generation for school, city and county taxes after that.

n Its first tenant in the new Greater Abilene Industrial District, thus creating momentum to attract other businesses.

Altogether, that's not a bad haul.

And considering that the carbon fiber industry is on the rise, the projections of Zoltek's positive impact on Abilene might be understated.

The landscape of the economy is changing rapidly. Old "reliables" are falling, new forces are emerging. Abilene must move with the changes. That takes vision and leadership.

With the Zoltek contract, the Development Corporation of Abilene shows itself in possession of those qualities. As a result, the entire community stands to benefit from the DCOA's "speculative" venture.