08/13/07 Community and Economic Development Committee Minutes

Home Browse Search

Community and Economic Deve{opment Committee August 13, 2{307 Page 5 Bill Schalliol of the Community and Economic Development reviewed his Department's report which concluded that each of the three (3} requested abatements meet the requirements of the local ordinance. Gerry Lerman made the formal presentation. He noted that: • The Riverside location would be a new investment of $1,500,000 to $3,000,000 far new equipment; and that 4-12 new jobs are projected to be created with payroll projected to be between $130,400 to $391,200 * The Walnut location would be a new investment of $400,OD0 to $2,500,000 for new equipment; and that 5-25 new jobs are projected to be created with payroll projected to be between $'{56,000 to $780,000 • The Tucker location would be a new investment of $2,500,000 to $5,000,000 for new equipment; and that 5 new jobs are projected to be created with payroll projected to be $156,000 • 481 jobs with a payroll of $22,707,500 would be retained Mr. Lerman stated that the new equipment is needed to the leveling and cutting of steel. The Riverside location will have new laser equipment and crane improvements; and the Walnut location will expand tooling, noting that this location is the former KoKoKu facility which had major environmental problems which they have addressed. There was no one from the public to speak in favor or in opposition to the three (3) Bills. Dr. Varner stated that the growing of local companies and taking over under-utilized buildings such as Lock Joint Tube and KoKoKu are excellent examples of what Mr. Lerman and his company is able to do with tax abatement assistance. Their ability to add quality new jobs and retrofitting old buildings is excellent where every one benefits. He stated that each of the requested abatements for Steel Warehouse Company LLC will help the economy grow and the assessments grow. He thanked Mr. Lerman for the many successes he and his companies have had over the years. Mr. Schalliol noted that each of the abatements heard this afternoon are all local companies who are seeking expansion. Council President Rouse noted that he agrees with Dr. Varner that Mr, Lerman and Steel Warehouse are shining examples of local companies who are "doing great things in the global market".