Title
Staff Update and Possible Action on Request from Ash Joint Venture to Obtain Additional Assistance and Amend the Existing Economic Development Agreement
Requested Action
Possible action on request for additional funding for Ash Joint Venture, Ltd. existing Economic Development Agreement
Recommendation
Defer to Board
Description/History
MEDC entered into an Economic Development and Performance Agreement with Ash Joint Venture Ltd. (Ash JV) to provide up to $100,000 in assistance with fire suppression/interior sprinkler system for the 135,000 square foot facility located at 102 Sentry Dr. This agreement required Ash JV to make a $450,000 capital investment and to obtain a certificate of occupancy by December 31, 2017.
Due to some unexpected delays, Ash JV was granted an extension to December 31, 2018 at the September 2017 MEDC board meeting. At that same meeting, the board approved an incentive to UTEX Industries (SteelTex) in the amount of $350,000 for eligible site and building improvements for 102 Sentry Dr. On September 19, 2017, Ash JV submitted an additional request in the amount of $150,000.
Justification
N/A
Funding Source
4A
Prepared By
Scott Welmaker, Director, MEDC