CC MEETING: June 25, 2024
DATE: June 18, 2024
TO: Erin Rinehart, City Manager
FROM: Robert Winningham, Director of Economic Development
Marc Guy, Assistant City Manager
Title
Consider A Resolution Repealing And Replacing Resolution No. 4787 And Authorizing The City Manager To Negotiate And Execute An Economic Development Incentive Agreement With DuraPlas LC To Change The Date Of Commencement Of Improvements To Real Property At 2395 Midway Road As Such Date Was Established By Resolution No. 4787 And To Change The Name Of The Company On The Agreement From DuraPlas, Inc. To DuraPlas LC, And Further Establishing A Program Of Tax Rebate Grants To The Company For The Relocation Of Its Headquarters And Manufacturing Operations To 2395 Midway Road, In Amounts Equal To Fifty Percent (50%) Of Taxes Paid To The City On The Assessed New Value Of Business Personal Property For A Maximum Term Of Three (3) Years, And A Second Grant In Amounts Equal To Fifty Percent (50%) Of Taxes Paid To The City On The Assessed New Value Of Business Personal Property And Real Property For A Maximum Term Of Three (3) Years After Issuance Of A Certificate Of Occupancy On A New Building To Be Constructed, For A Total Incentive Amount Not To Exceed $481,284.00.
Body
BACKGROUND:
On December 5, 2023, City Council approved Resolution No. 4787 to execute an economic development incentive agreement with DuraPlas. Since that time, the company has requested an extension of the commencement date of improvements to real property on the site from June 24, 2027, to not later than June 24, 2031, and to change the name of the company on the agreement from DuraPlas, Inc. to DuraPlas LC. All other aspects of the terms of the incentive agreement established by Resolution No. 4787 remain unchanged.
This agenda item is to consider repealing Resolution No. 4787 and approving a new resolution authorizing the City Manager to execute an economic development incentive agreement that incorporates th...
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