Project Cobalt is an existing company in Lancaster County. Part of a group that has been operating for nearly 100 years, it has operated in the County for over two decades and has consistently participated in philanthropic missions in Lancaster County. The company manufactures geo-membranes made from a diversity of proprietary polymer Chemistry formulas powered through state-of-the-art polymer extrusion equipment.
The company has not been able to reach and maintain its agreed to employment numbers, as outlined in the economic development agreement. They are close, but do not foresee that they will be able to maintain the 63-employee threshold that was established in the agreement.
Given this situation, they have agreed to a 18% reduction in the SSRC percentage to recognize they have not satisfied the employee requirement.
They are on track to satisfy the other components of the economic development agreement.