| | | | | | | | City of Georgetown, Texas
City Council Regular Meeting
February 22, 2022 |
| | | | | | | | SUBJECT:
Consideration and possible action to approve a tax abatement agreement between CelLink, Titan Gateway35 LLC, and the City of Georgetown -- Michaela Dollar, Economic Development Director |
| | | | | | | | ITEM SUMMARY:
CelLink Corporation plans to open a manufacturing facility in Georgetown to produce flexible circuits used in electric vehicles and battery storage units. The facility will be at the Gateway35 Commerce Center, a master-planned industrial park located at IH 35 and Toll 130 by Titan Development. The facility will be approximately 295,000 SF and is expected to be completed in June 2022.
CelLink will lease the facility from Titan Development, with an estimated combined capital investment of $130,000,000 over five years. Additionally, CelLink plans to hire a minimum of 800 employees in five years and up to 2,000 employees in 10 years, which will make them Georgetown’s largest private employer.
Based on the estimated economic impact of the project, the City of Georgetown will enter into a ten-year property tax abatement agreement for 50% of the real property taxes and 75% of the business personal property. To receive the abatement, the combined taxable value of the property must remain above $80,000,000 years six through ten of the agreement.
The estimated value of the tax abatement for the ten-year period is $2,177,139.
|
| | | | | | | | FINANCIAL IMPACT:
Approximately $2,177,139 |
| | | | | | | | SUBMITTED BY:
Sharon Parker |
|