Commission approves first reading to extend BEDC lease and performance agreement for pump company
Loading...
Summary
Commission approved a first reading to extend a two-year lease and continue a performance agreement that ties a $5,000 hiring incentive to new full-time hires at a local pump manufacturer.
The Breckenridge City Commission approved a first reading to extend a two-year lease and continue the associated performance agreement for a local pump manufacturer, following a recommendation from the Breckenridge Economic Development Corporation (BEDC).
Michael Harris, EDC director, told commissioners the company requested a two-year extension of its existing lease and asked to keep the performance agreement continuous with the prior term. Under that agreement the manufacturer receives $5,000 for each new full-time, benefited employee hired.
Harris reported the company currently employs about 28 full-time workers and that the incentive is aimed at retaining primary jobs that support the local economy. Commissioners approved the first reading of the resolution on a voice vote with no opposing votes recorded.
The action was recorded as a first reading; final approval is pending a subsequent reading as required by the city's procedural rules for resolutions. The performance agreement ties public incentive payments to documented job creation; the city will continue monitoring hires to determine incentive payments.
