Title
RESOLUTION AUTHORIZING THE EXECUTION OF AN ECONOMIC DEVELOPMENT INCENTIVE LOAN AGREEMENT BETWEEN SEDGWICK COUNTY AND FIGEAC-AERO SUBJECT TO CONDITIONS, AND AUTHORIZE THE TRANSFER OF BUDGET AUTHORITY FROM THE ECONOMIC DEVELOPMENT RESERVE TO THE ECONOMIC DEVELOPMENT PROGRAM.
Presented by: Sherdeill Breathett, Economic Development Coordinator.
RECOMMENDED ACTION: Adopt the resolution and authorize the Chairman to sign.
Body
Figeac-Aero is a French company established in 1989 to supply parts to large aerospace customers. In 1994 the company was transformed into Figeac-Aero Group, a corporation now comprised of six European subsidiaries. Today the company has more than 500 employees. Within the past few years Figeac-Aero moved into North America by acquiring Sonica NMF, an aircraft part supplier located on 39th Street North in Wichita near the National Center for Aviation Training.
The company plans to develop a North American headquarters facility and expand its presence in this hemisphere. As it's North American business grows it is likely the company expansion that will be required to serve new customers will occur in the immediate vicinity of the headquarters facility. It has considered sites in Mexico, North Carolina, and Louisiana as well as Wichita for this project, and has received incentive offers from at least two of those sites. It offers to commit to placing the North American headquarters in Wichita in return for economic development incentives.
Specifically, the company requests a $250,000 loan from Sedgwick County, the same amount from the City of Wichita, and a five-year 100% abatement of property taxes on the new taxable property to be acquired in conjunction with the headquarters facility, in return it promises to (1) place its North American headquarters in this community, (2) invest $20.68-million in expansion of the existing production facility, the purchase of adjacent land, and the construction of two new 65,000 square foo...
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