Title
RESOLUTION APPROVING ECONOMIC DEVELOPMENT BUSINESS INCENTIVES FOR MCLANE FOODSERVICE, INC.
Body
McLane Foodservice, Inc. is considering construction of a new facility in Commerce City. The facility would be 216,000 SF with room for additional growth on site. The project would result in an estimated capital investment of $31.5 million, and the creation of 255 new jobs in the city. On May 16, 2016, City Council approved an estimated $245,600 city incentives package for this project. To help cover additional expenses not previously recognized by the company and keep the project moving forward, Economic Development staff is requesting approval for an additional $65,000 in incentives. The total estimated incentives will increase to $310,600. This new total is within the recommended guidelines discussed in Executive Session on March 7, 2016.
Staff Responsible (Department Head): Michelle Claymore
Staff Member Presenting: Michelle Claymore
Financial Impact: No financial impact at this time. Incentives have been estimated based on the company's stated capital investment. Actual incentive rebate amount will be based on actual capital investment and determined after the company is open for business.
Funding Source: Incentives will be funded as a rebate of fees and/or sales and use tax remitted to the city in conjunction with this project, as specified in Resolution 2016-101.
Staff Recommendation: Staff recommends approval of the proposed performance based economic development business incentives.
Suggested Motion: I move to approve Resolution 2016-101