5.2. SR 03-08-2004 - Laserfiche WebLink

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[Liver MEMORANDUM Item 5.2. TO: FROM: DATE: SUBJECT: Economic Development Authority Mayor & City Council Catherine Mehelich, Director of Economic Development//~ March 8, 2004 Consider Property Tax Abatement for the Orluck Industries, Inc. Light Industrial Building Project Attachments · Tax Rebate Financing Application from Orluck Industries · Public Hearing Notice - February 31, 2004 · Resolution Approving Property Tax Abatement · DRAFT- Tax Abatement and Business Subsidy Agreement Issue At its February 9, 2004 meeting the Economic Development Authority and City Council approved the Preliminary Expansion Siting Proposal that Orluck Industries be considered for receiving Tax Rebate (Abatement) Financing for the construction of a 20,000-square foot light industrial/business park building on the City-owned Joplin Street lot. In addition the Council directed staff to inidate the land use amendment process to change the land use from "Community Commercial" to "Light Industrial". Staff has completed the due diligence process for the land use amendment process, financial analysis and the City's Tax Rebate Financing process. Staff requests that the EDA consider recommending the Council's approval of the sale of the lot and tax abatement request. Following the EDA meeting, the City Council will hold a public hearing on the matter and consider granting final approval of the tax abatement request. Mr. Orluck is anticipated to be present for the EDA meeting to discuss the proposed project. Background Orluck Industries conducts light, precision machining of plastic and metal components for the medical, computer, semi-conductor and tele-communications industries. The £inal product components consist of either a fixture or testing device for the above industries. The company currently employs 13 full-time staff and 2 part-time positions with an hourly wage between $15.00- 22.00 per hour. Since the February meeting, Mr. Orluck has added 2 additional full-time employees.