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Mount Pleasant approves lease, incentive package for aluminum reprocessing facility
Summary
The Mount Pleasant City Council approved a letter of intent, lease and performance agreement with Illuminance (Project Elixir Pro) and authorized documentation for revenue sharing after the EDC agreed to a $7 million assistance package; the project is expected to create at least 130 jobs and a multi‑million dollar investment.
Mount Pleasant’s City Council voted to approve a letter of intent, lease agreement and performance agreement with Illuminance for a proposed aluminum reprocessing facility, a council member said during a special joint meeting with the Mount Pleasant Economic Development Corporation (MPEDC).
The agreements, tied to “Project Elixir Pro,” authorize a 30‑year lease on the EDC’s Wind Fill property for a facility the company described as at least 120,000 square feet (with a desired size of 220,000). The MPEDC will provide $7 million in financial assistance in the form of a forgivable loan, and the project is expected to result in a minimum investment of $45,000,000 and at least 130 net new jobs by the fifth year, officials said.
Jeanette (EDC staff member; name as spoken in the meeting) summarized the deal and said the EDC’s assistance is structured as $500,000 for site preparation to be paid…
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