Another incentive package has been approved as Amarillo looks to bring a veterinary medicine school to the Texas Panhandle.
On Tuesday, the Amarillo Economic Development Corporation Board of Directors and the Amarillo City Council voted to approve an incentive package for the proposed Texas Tech vet school in Amarillo. The incentive deal approved by the AEDC and City Council promoted as a $69 million incentive package for the school, which has an estimated price tag of $90 million. Texas Tech is also expected to fundraise to help pay for the remaining cost on the school.
Following the approval, Mayor Ginger Nelson said that the move would diversify the economic portfolio of Amarillo.
“This investment in a veterinary school in Amarillo has huge economic implications and enhances our educational opportunities for generations to come.” Nelson said. “Amarillo sees the return that will come on this investment. Our community has the determination and drive to make this education and economic opportunity a reality.”
Texas Tech chancellor Robert Duncan also reacted favorably, praising Amarillo in a statement.
“Throughout the history of the Texas Tech University System, the Amarillo community has helped set the standard for support and cultivation of higher education opportunities,” Duncan said. “Now – our partnership is taken to the next level. We are grateful for Amarillo’s partnership and shared vision for transforming the landscape of veterinary education to ensure the prosperity of our vital agricultural industries. Amarillo’s commitment to bring the School of Veterinary Medicine to the Texas Panhandle will have an impact on a national and global scale. We are endlessly grateful for their spirit of support, partnership and determination.”
If approved by the Texas Tech Board of Regents, construction on the school is expected to begin by late 2019. Facilities would begin operation sometime around 2023, officials said during the AEDC's meeting.
Previously, the City Council and AEDC voted for a smaller investment in the school last year. That investment was around $15 million in incentives.