title
Approval of an Economic Development Agreement Between the City of Lewisville and BIORSX, LLC, and Authorization for the City Manager to Execute the Agreement.
request
ADMINISTRATIVE COMMENTS:
BIORSX LLC (Biosynthesis) is currently operating an office/manufacturing/warehouse use at 612 East Main Street. They are interested in relocating, expanding, and building a new 50,000 square foot facility on Mario Court. This agreement provides incentives for construction of the new facility, including a grant equal to the building permit fees; a grant equal to 50% of the capital recovery fees; and an annual tax grant equal to 50% of the ad valorem real property taxes paid to the City for a period of ten years. The company will also expand their workforce to 100 full time employees within five years and will apply to rezone their current facility at 612 East Main Street to Old Town Mixed-Use 2.
RECOMMENDATION:
That the City Council approve the agreement and authorize the City Manager to execute the agreement as set forth in the caption above.
AVAILABLE FOR QUESTIONS:
Claire Powell, Assistant City Manager