A. Approval - Amarillo Economic Development Corporation (AEDC) Project #13-04-01:
Overview: This item approves an AEDC project for MWI/Micro Beef Technologies to consolidate and relocate operations to the former Zarges Building in the CenterPort Business park. Under the terms of the proposed lease agreement and Location Incentives Agreement (LIA), MWI/Micro Beef Technologies will lease the facility at market rates from the AEDC for a period of ten years with two 5-year options, will receive a job creation/retention incentive grant of $1,600,000 for building expansion and improvements which can be forgiven based on annual performance during the base 10-year lease period. Further, MWI/Micro Beef will receive a no cost extension of their lease in the Commerce Building until improvements at the former Zarges building are completed and will also request an assignment of the existing tax abatement agreement on the former Zarges building.
This lease agreement and incentive package will assist in the consolidation of MWI/Micro Beef operations in Amarillo and will retain approximately 120 jobs and an estimated $6.7 million annual payroll. This project is recommended for approval by the AEDC Board of Directors.
B. Approval - Assignment and Assumption of Existing Tax Abatement Agreement:
Overview: This item approves the assignment and assumption on a tax abatement originally granted by the City of Amarillo on December 16, 2010 to an AEDC project for Zarges Aluminum Systems, LLC at the CenterPort Business Park. This existing abatement will now be assigned and assumed between the City of Amarillo, the Amarillo Economic Development Corporation, and MWI Veterinary Supply Company for the project above. The terms and conditions of the original agreement remain as-is with the substitution of MWI Veterinary Supply Company in place of Zarges Aluminum Systems, LLC.
A. Approval - Amarillo Economic Development Corporation (AEDC) Project #13-04-01:
Overview: This item approves an AEDC project for MWI/Micro Beef Technologies to consolidate and relocate operations to the former Zarges Building in the CenterPort Business park. Under the terms of the proposed lease agreement and Location Incentives Agreement (LIA), MWI/Micro Beef Technologies will lease the facility at market rates from the AEDC for a period of ten years with two 5-year options, will receive a job creation/retention incentive grant of $1,600,000 for building expansion and improvements which can be forgiven based on annual performance during the base 10-year lease period. Further, MWI/Micro Beef will receive a no cost extension of their lease in the Commerce Building until improvements at the former Zarges building are completed and will also request an assignment of the existing tax abatement agreement on the former Zarges building.
This lease agreement and incentive package will assist in the consolidation of MWI/Micro Beef operations in Amarillo and will retain approximately 120 jobs and an estimated $6.7 million annual payroll. This project is recommended for approval by the AEDC Board of Directors.
B. Approval - Assignment and Assumption of Existing Tax Abatement Agreement:
Overview: This item approves the assignment and assumption on a tax abatement originally granted by the City of Amarillo on December 16, 2010 to an AEDC project for Zarges Aluminum Systems, LLC at the CenterPort Business Park. This existing abatement will now be assigned and assumed between the City of Amarillo, the Amarillo Economic Development Corporation, and MWI Veterinary Supply Company for the project above. The terms and conditions of the original agreement remain as-is with the substitution of MWI Veterinary Supply Company in place of Zarges Aluminum Systems, LLC.