Title
ECONOMIC DEVELOPMENT INCENTIVE LOAN AGREEMENT WITH APEX ENGINEERING INTERNATIONAL, LLC.
Presented by: Sherdeill Breathett, Economic Development Coordinator.
RECOMMENDED ACTION: Approve the resolution and authorize the Chairman to sign the agreement.
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Apex Engineering International, LLC (Apex) is an engineering and manufacturing company with a diverse assortment of complex 3, 4, 5, and 6 axis Computer Numerical Control (CNC) machines specializing in the commercial, military, and business jet industry. Customers include Cessna, Bell Helicopter Textron, Lockheed Martin, Gulfstream, and Spirit Aerosystems. The parent company of Apex, HM Dunn Aerosystems (Dunn), provides engineering design support, tool fabrication, complex machining, sheet metal fabrication, complex composite manufacturing, in-house processing, and complete assembly capabilities to the aerospace industry. The company has committed to invest significantly in the aerospace industry.
Dunn occupies 305,000 square feet between two facilities in Wichita (1804 W. 2nd - Apex, and 4201 S. 119th - Dunn). Through Apex and its predecessors, Dunn has operated in Wichita since the 1950s. Dunn currently also has locations in Euless, Texas and St. Louis, Missouri.
Dunn has recently won new work on the Cessna CJ4 line and is contemplating moving that work to Wichita from a Nova Scotia facility operated by another company. Concurrently, in order to gain operating efficiency Dunn is considering relocating machining work from its Euless and St. Louis facilities to Wichita. Finally, it is considering expanding production capacity by adding new metal processing equipment in order to secure additional contracts from aviation OEMs. The company is asking for approval of the Loan Agreement in the amount of $90,000 at this time to do this work in Wichita.
Sedgwick County and Wichita have partnered to offer economic development assistance to Apex, subject to governing body approval. The City and Sedgw...
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