Odessa Development Corporation Board Meeting Agenda May 2026
ODC Approves First Incentive Payment to Downing Wellhead Equipment
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Description
The Odessa Development Corporation found Downing Wellhead Equipment, LLC in compliance with its economic development agreement for the 2024–2025 reporting period and approved a first annual incentive payment of $328,000 under a $1.64 million grant. The action follows verification of required investments, retained jobs, and payroll levels.
Contract Details
Contract Amount
$328,000 (first annual incentive payment under a $1,640,000 grant)
Vendor
DOWNING WELLHEAD EQUIPMENT LLC
Agency
City of Odessa city, TX
Contract Type
OTHER
Document Date
May 14, 2026
Contract Term
Reporting period October 1, 2024 – September 30, 2025 for this compliance and payment
Renewal Date
2025-09-30
Renewal Info
Economic Development Agreement executed July 28, 2022 and amended September 29, 2023; this action authorizes the first annual payment, with future payments presumably governed by the existing multi-year agreement.
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