Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council approves transfer of industrial facilities tax abatement to MS Metal Solutions; company to retain jobs and invest $2.6 million
Summary
Wyoming City Council voted July 7 to approve the transfer of an Industrial Facilities Exemption certificate from ST Plastics LLC to MS Metal Solutions Investors LLC (d/b/a Manufacturing), a transfer that staff said will retain 36 jobs and bring about $2.6 million in machinery investment.
Wyoming City Council voted July 7 to approve a transfer of an Industrial Facilities Exemption (IFT) certificate from ST Plastics LLC to MS Metal Solutions Investors LLC, d/b/a Manufacturing, and authorized the mayor and city clerk to sign an amended IFT agreement.
The transfer was the subject of a public hearing earlier in the meeting. Tyler McCoy, who introduced himself as CEO of Cruise Manufacturing and spoke in support of the transfer, described the firm’s manufacturing experience in the region. City staff summarized the terms: the transfer covers the remaining six years of an original 12‑year abatement, the company expects to bring 36 jobs with the operation, and it plans to invest approximately $2,600,000 in machinery and equipment.
City staff noted the amended IFT includes a two‑year retention agreement that requires the company to maintain the equipment and job levels for a specified period; if the company fails to meet the retention requirements the abatement may end. Councilmembers asked staff to confirm the duration and conditions; staff clarified the remaining term of the original abatement was six years, not 12, and explained the two‑year retention requirement.
The council approved the resolution by roll call. The motion was made and seconded, and the roll call returned a majority in favor. No speaker raised objections during the public hearing.
What’s next: the mayor and city clerk will sign the amended IFT agreement; staff will monitor the company’s retention commitments under the two‑year agreement.
