MINERAL WELLS — Following a 10-year lease of the former Texas National Guard facility, Perone Industries LLC has purchased the property from the Mineral Wells Industrial Foundation. 

A partnership began on April 19, 2010 between the City of Mineral Wells, Mineral Wells ISD, the Mineral Wells Industrial Foundation, the National Vietnam War Museum, Historic Mineral Wells, Inc. and the Mineral Wells Area Chamber of Commerce. The 4.521-acre property was purchased by those agencies for $210,000 from the Texas Adjutant General’s Office. 

In June of 2011, the property was rezoned to allow for industrial use and the local entities agreed to lease the property to Perone Industries LLC, a Wichita Falls-based plastic products manufacturer. 

On Jan. 17, 2012, the city sold the property to the Mineral Wells Industrial Foundation in exchange for payment in the amount of $50,000 and with the condition that the city would receive 23.81% of any proceeds of the sale of the property.

“[Perone] brought the jobs they said they’d bring, they’re expanding, they’ve made capital improvements and they have met the obligations of their lease,” Mineral Wells Ward 4 Councilmember Doyle Light said at last month’s city council meeting. “They wanted to buy the property. For the six local entities, the city being one of them, that helped bring Perone Industries to the town, this is good for all of us. This is a good ending.”

With the property now being sold to Perone Industries by the industrial foundation, the city has received payment from foundation in the amount of $21,429.

Steve Butcher with the MWIF said while he couldn’t disclose how much money the local agencies will be receiving — adding that the proceeds with the city has no relation — everything with Perone turned out well.

“They are in the process of substantial growth and anticipate putting up additional facilities for warehousing,” Butcher said. “They have already brought in a substantial amount of equipment and they anticipate hiring quite a few more people.”

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