| | | | | | | | City of Georgetown, Texas
City Council Regular Meeting
August 23, 2022 |
| | | | | | | | SUBJECT:
Forwarded from the Georgetown Transportation Enhancement Corporation (GTEC):
Consideration and possible action to approve an economic development agreement with Loram Technologies, Inc. -- Kim McAuliffe, Interim Economic Development Director |
| | | | | | | | ITEM SUMMARY:
Loram Technologies, Inc. (formerly GREX) is seeking to expand operations in Georgetown. The company is considering constructing a new facility to serve as an innovation center for research and development, relocating its existing 167 employees, and creating up to 150 new additional jobs. Average annual wages for all employees are approximately $60,000 with approximate capital investment of $17,000,000.
Staff proposes an economic development incentive agreement of $600,000 for an infrastructure reimbursement grant. The Texas Department of Transportation (TXDOT) has required the company to construct left-hand and right-hand turn lanes at the driveway to the land on Austin Avenue. Construction will occur on or before May 21, 2023 and be completed within 24 months. A minimum capital investment of $12,000,000 is required to obtain the incentives.
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| | | | | | | | FINANCIAL IMPACT:
$600,000 |
| | | | | | | | SUBMITTED BY:
Sharon Parker |
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