Item Coversheet

Agenda Item Summary


Ordinance # / Resolution #: Ordinance 2024-1908 - HOLD
Contact Person / Sponsor: Amy Carnes / Economic Development
Department: Economic Development
Date Requested to be on Agenda: 6/24/2024
Council Action Requested:

Approve an additional investment of $9,000,000 while authorizing a corresponding Special Source Revenue Credit with the following timeline. After the current SSRC of 40% has expired on 1-15-2028, an additional SSRC of 25% will be applied through the FILOT payment due by 1-15-2033. 



Strategic Plan Focus Area Alignment:

Quality Development

Diversity the local economy through targeted attraction of job producers and support businesses that are well-matched to the local workforce and economic needs.
Points to Consider:

Project Tree 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 additional investment in equipment will keep them competitive in their respective market.



Funding and Liability Factors:

Extension of Fee Agreement due to new investment.



Recommendation:

Staff recommends to proceed with three readings and conclude with Public Hearing and approval of this Economic Development Incentive second amendment request.