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AN ORDINANCE AUTHORIZING THE MAYOR TO ENTER INTO A COMMUNITY REINVESTMENT AREA AGREEMENT WITH DEFFENBAUGH FLEX, LLC FOR THE CONSTRUCTION OF A FLEX OFFICE/INDUSTRIAL BUILDING ON PARCEL NO. 025-014174-00, PART OF COMMUNITY REINVESTMENT AREA NO. 1
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WHEREAS, Pioneer Development and Debellis Frances Family Investments, both local companies, propose the construction of a 35,000-square-foot flex office/industrial building on approximately 3.9 acres located on Parcel No. 025-014174-00; and
WHEREAS, the proposed building will accommodate office headquarters, research and development, light manufacturing, technology, supplier, showroom, and similar employment-generating uses; and
WHEREAS, the project is consistent with the City's Economic Development Strategy and addresses demonstrated market demand for flexible industrial and office space within the community; and
WHEREAS, the applicant has committed to maintaining a minimum of eighteen (18) jobs at the project site and generating a minimum annual payroll of Nine Hundred Ninety Thousand Dollars ($990,000) during the term of the abatement, with an estimated average annual salary of Fifty-Five Thousand Dollars ($55,000) per employee; and
WHEREAS, the Department of Economic Development evaluated the application using the City's standard tax incentive evaluation criteria and determined that the project will generate an estimated economic output of approximately $265,000 per acre, produce a net fiscal benefit of approximately $366,000 during the abatement period, and recover the value of the incentive in approximately 6.4 years; and
WHEREAS, although the property is located within Community Reinvestment Area No. 1, which permits tax abatements of up to one hundred percent (100%) for fifteen (15) years, the applicant has requested, and the Administration recommends, a tax exemption of seventy-five percent (75%) for a period of ten (10) years; and
WHEREAS, the Administration has determined that the proposed Com...
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