Resolution - Business Development: Consider a resolution authorizing the City Manager to approve an Extension of Construction Time in connection with that certain City Tax Abatement Agreement No. 17471, with Dura-Line, LLC.
Item Summary
On July 25, 2023, the City Council approved Tax Abatement Agreement No. 17471 with Dura-Line, LLC. The terms of the original contract stated the following:
Construction Start Date: September 2023
Construction End Date: October 2024
Capital Investment: $46,700,000
Job Creation: 130 jobs
Due to the rapidly changing economic environment, Dura-Line has had to evaluate the timing of their allocation of resources. The company has requested an amendment to the original construction dates to the following:
Construction Start Date: February 2024
Construction End Date: December 2025
This request is for construction time only. Capital investment and job creation will remain the same. This resolution would authorize the City Manager to execute this amendment.