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Council OKs SCA tax abatement and designates underwriter for 2025 warrants
Summary
The council approved a tax abatement for SCA Inc. tied to a roughly $19.6 million equipment investment and the anticipated hiring of 13 employees, and authorized a warrant purchase agreement designating Frazier as underwriter to permit market-timing flexibility for debt issuance.
The Auburn City Council on July 8 approved a tax abatement for SCA Inc. and authorized a warrant purchase agreement designating an underwriter for the city’s 2025 warrants.
Item 10A authorizes a tax abatement for SCA Inc., located at 764 West Veterans Boulevard, for acquisition of new equipment; the company plans to invest approximately $19,600,000 and anticipates hiring 13 new employees, council noted. The item was approved by motion, with councilmembers offering congratulations on the expansion.
Item 10B authorizes a warrant purchase agreement to designate Frazier (referred to in the packet as Frazier Linear Company Inc.) to act as underwriter for the series 2025 warrants. Finance staff explained that the authorization gives the city flexibility to enter the market and execute a sale without needing a council meeting on the exact sale date; staff said the city will not sell if market conditions are unfavorable and the mayor or city manager must sign purchase documents when a sale occurs.
Both items passed on voice votes.
