Title
Presentation: Conceptual Economic Development Incentive Request for Mid-States Warehouse Expansion, 420 SE Thompson Drive; Mid-States Distributing, LLC, applicant.
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for the request by Mid-States Distributing Company, Inc. (“Developer”) for expansion of warehouse facilities at 420 SE Thompson Drive.
Key Issues:
Evaluation of a request for incentives in the form of:
(1) Sales tax exemption on the purchase of construction materials used for construction of the expansion.
(2) Real property tax abatement through Chapter 100 in the amount of 75% of the incremental increase in assessed value (as determined by the County) for ten years;
(3) Personal property tax abatement through Chapter 100 in the amount of 50% of the assessed value of the new personal property only (as determined by the County) for five years, for three installment purchases.
The current warehouse is about 650,000 square feet on approximately 40 acres of land. The proposed expansion is approximately 500,000 square feet on approximately 37.5 acres of land.
The attached presentation slides contain additional data and details about the incentive request and the City’s evaluation of the request.
Presenters
Curt Petersen, Polsinelli, P.C., attorney for Mid-States
David Bushek, Chief Counsel of Economic Development & Planning
Tom Mahlke, Chief Executive Officer, Mid-States Distributing, LLC