City officials will consider on first reading an economic development agreement with PTMW, a metal fabrication company. The company intends to enter a lease agreement with Flint Hills Ventures, LLC, which owns a warehouse facility under construction at 1105 Kretschmer Drive. PTMW is requesting a 10-year tax abatement and an incentive package that includes a $760,000 performance-based job creation grant. The company intends to employ 146 full time workers in the first five years, at an annual wage above $40,000.
The company is also seeking a $250,000 equipment investment grant, paid out in full if the company can show evidence of an $11 million equipment investment in the building by the first anniversary of the agreement date. Incentives would be paid out from the 2023 Economic Development Recovery and Relief Sales Tax Fund.
If approved Tuesday, the item would come back for a final reading at the April 15 legislative meeting.
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