AMARILLO, Texas (KAMR/KCIT) – The Amarillo Economic Development Corporation agreed to amend its Location Incentives Agreement with Sharpened Iron Studios in a recent meeting, extending the time frame in which the studio will be expected to pay back funds given through the Job Creation Incentive program.
As explained in the amendment and in previous reports, the AEDC first entered an agreement with SIS in June 2020, aiming to provide the studio with $500,000 in incentive funds to create 40 full-time jobs. Then, the AEDC was set to provide $100,000 to SIS for up to five years, as long as SIS documented spending a minimum of $2.5 million locally per year. Once “performance” years began, in 2024, SIS would need to follow a payment plan to repay the AEDC for the $500,000 over five years.
However, the amendment noted SIS was not maintaining its payroll and staffing requirements as of 2024, “among other deficiencies and defaults,” such as certain reports being submitted after their agreed deadlines. SIS was sent a notice of being in default with the AEDC in January 2026, which would mean a requirement to pay back all the received incentives and “forever” forfeiting any opportunity to receive a Local Spending Incentive…