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AI# 10994
Regular City Council Meeting
5.14.
09/13/2022:
Information
Agenda Item
Resolution - Business Development:
Consider a resolution authorizing a program or expenditure of the Lubbock Economic Development Alliance, to be provided to True North Steel, pursuant to Section 501.073 of the Texas Local Government Code.
Item Summary
True North Steel is a for-profit corporation currently conducting business in the City of Lubbock. They are planning to purchase additional equipment for their existing facility to add another product line. The project is anticipated to result in 38 new primary jobs, with a target annual compensation of $849,300, or a total of $7,643,700 over 5 years. The total capital investment is estimated to be $1,607,000.
The Lubbock Economic Development Alliance (LEDA) Board of Directors voted to incentivize True North Steel with the following:
Up to $95,000 for Job Creation at the rate of $2,500 for each primary, full-time job created and maintained, to be paid out in equal amounts of $500 per year over a 5-year period.
The LEDA Board of Directors approved this incentive at their August 24, 2022 Regular Board Meeting, and recommend approval by the Lubbock City Council.
Fiscal Impact
The LEDA Board of Directors voted to incentivize True North Steel with a total capital investment of $95,000, as described in the Item Summary.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Lubbock Economic Development Alliance Board of Directors
Attachments
Resolution
LEDA Resolution
Project Summary
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