Title
Consider a resolution authorizing the Mayor to execute a Chapter 380 Economic Development Agreement with D.M.A. Enterprises.
Body
Thermasol will relocate its manufacturing facility to Round Rock Texas. Thermasol will manufacture all its products, and also house its customer service, inside sales, shipping, purchasing, engineering, product repairs, accounting, and management departments in this location. Thermasol was established in 1958 and on its 3rd generation of management. They lead the world in their industry. Thermasol manufactures steam bath and Sauna equipment for residential, hotel, health clubs, and day spa's sold worldwide. The common name for a residential product is called a steam shower, in the clubs and hotels it's the steam room or sauna room.
Deal Points for this incentive agreement are:
City:
1. Agrees to provide the company with a $400,000 economic development grant within 30 days of the company having an approved plat for the site.
Thermasol:
1. Create a minimum of 45 jobs in excess of $40,000/annually average salary, plus benefits, within 22 months of receiving an approved plat.
2. Invest a minimum of $3,500,000 in real and personal property within six years of expansion.
3. Close on 27+/- acres property in Round Rock, Texas by November 30
4. Complete subdivision improvements within 18 months of receiving an approved plat creating additional shovel ready sites for future businesses
Recommended Action
Staff recommends approval.