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Wayne County OKs incentive package, sale to Pelsan Tekstil after public hearing
Summary
The Wayne County Board of Commissioners voted June 17 to approve an economic incentive agreement to sell county-owned Park East property and shell buildings to Pelsan Tekstil, a project the county identified as Project Istanbul.
The Wayne County Board of Commissioners voted June 17 to approve an economic incentive agreement to sell county-owned industrial property in Park East to Pelsan Tekstil (referred to in county materials as Project Istanbul).
The agreement covers roughly 31.83 acres that include two county-built shell buildings at 404 and 408 Gateway Drive. Under the approved terms, the county will convey the buildings and a portion of acreage at a reduced sale price of about $5,186,400 after an upfront economic incentive of roughly $2,539,000. The company has committed to invest $82,600,000 in capital improvements and create 216 jobs in Wayne County.
Why it matters: county economic development staff said the structure accelerates tax revenue because the buyer will pay property taxes immediately on the improved property, rather than waiting while a buyer builds.…
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