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Liebherr Aerospace is seeking a 12-year tax break for a 35,000-square-foot expansion of its campus.
The $9.9 million investment at 1465A Woodland Drive is expected to create 24 new jobs within two years of completion - with the average wage expected to exceed 150 percent of state minimum wage. The expansion will accommodate needed capacity for growing heat exchange recoring and land gear overhaul business.
The IFT would be for 50 percent of taxes.
In terms of meeting the public interest, the project is expected to increase the tax base, provide new employment and finance public infrastructure.
The city only grants tax breaks on real property. About $9 million of the investment in real property. Personal property is not eligible for a tax abatement in the city.
The city held a public hearing on the tax abatement at Monday's council meeting. There were no comments.
City council is expected to take action the request in July.
The city also granted Liebherr a tax break in 2016.
Patchy rain nearby, with a high of 76 and low of 53 degrees. Overcast for the morning, thundery outbreaks in nearby for the afternoon, mist in the evening, partly cloudy overnight.
What a SCAM!
As I recall the initial CARES Fund it was a combined funding of School District and Community Facilities. As I recall, the initial pitch in 2000 or so was that the new High School Pool would be available for community use when not being used by the High School.