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Council to send lease-amendment ordinance for AZZ Precoat Metals tax-abatement transfer to full council
Summary
Councilmembers voted at the workshop to advance an ordinance that would amend the Chapter 100 lease for AZZ Precoat Metals, allowing the company to transfer facility and equipment ownership to the city to complete a tax-abatement step.
The city will forward an ordinance to a full council meeting to approve an amendment to the lease agreement with AZZ Precoat Metals that sets deadlines and documentation requirements for transferring ownership of certain facility and equipment as part of the Chapter 100 industrial revenue bond tax-abatement process, council members agreed May 5.
Why it matters: The Chapter 100 industrial revenue bond process is widely used to support local economic development by enabling tax abatements tied to qualifying capital investments. Finalizing the lease amendment is a procedural step required before the county/city can complete the equipment and property transfer that underpins the tax-abatement arrangement.
Economic development staff said the 2023 issuance of $68 million in Chapter 100 industrial revenue bonds supported construction of the AZZ Precoat Metals facility in Oldenburg Industrial Park and that the company completed construction and a ribbon-cutting earlier this year. The proposed amendment updates deadlines and requires lien waivers and documentation for any equipment purchases tied to the project.
Councilmember Holt Meyer moved to advance the ordinance; Councilmember Briggs seconded. The motion passed by voice vote.
Ending: Staff said the amendment merely establishes deadlines and documentation requirements needed to transfer ownership and implement the Chapter 100 tax-abatement step; the ordinance will appear on the upcoming council meeting agenda for final action.
