The Bastrop Economic Development Corp. is offering up to $400,000 in incentives to a granite and stone material manufacturing company to move to Bastrop, build a $9 million, 50,000-square-foot facility and hire 150 employees over five years, according to an economic incentive package the corporation’s board approved Monday.

According to the corporation, Granite & Stone LLC, an importer, wholesaler and fabricator of granite and stone materials, is proposing to purchase about 5.5 acres of land in the northwest portion of the Bastrop Business and Industrial Park at a cost of $215,622. The company plans to build a 50,000-square-foot facility that will house its fabrication, stone yard, administrative offices and retail showroom.

Granite & Stone is proposing to invest up to $9 million in real property, personal property and working capital in the facility.

"Granite & Stone LLC is going to be an excellent addition to the Bastrop Business Park," corporation executive director Shawn Kirkpatrick said. "The company intends to hire up to 150 employees and invest up to $9 million in their 50,000-square-foot facility. This project announcement provides our residents the opportunity to live and work in Bastrop with good paying jobs that include benefits."

Once the facility is completed, the corporation will rebate the company $96,000, according to the agreement. A second $96,000 allocation will be rebated to the company once it hires 50 employees and completes its first year in operation.

The corporation is providing a job creation incentive in the maximum amount of $112,500 over five years, if the company hires 150 employees. It will also rebate a quarter of the sales tax the corporation collects from the company’s retail sales after an initial $5 million every year for five years. The corporation estimates it will rebate the company $86,625 over the life of the agreement.

The total economic incentive package to the company is estimated at $391,125 based on the terms of the agreement, the corporation said.

By the company’s fifth year, it should have up to 150 employees earning a five-year average wage of $19.47 per hour, which includes burden and benefits. The company expects to generate $20 million in taxable sales by its fifth year, the corporation said. The city collects 1.5 percent on all taxable sales within its boundaries and the corporation collects 0.5 percent.

With the expected $9 million addition to the property tax rolls, the corporation estimates the 10-year net benefit for the city is $3.3 million and $5.5 million for all taxing entities.

The City Council still has to sign off on the agreement. It’s expected to take up the matter in August.