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EDC approves Pfeiffer and Son incentive tied to $886,246.52 investment and eight jobs by 2029
Summary
The board approved an incentive agreement for Pfeiffer and Son to support street drainage and related improvements on West Polk Street; the agreement requires an $886,246.52 minimum capital investment and at least eight new jobs by 2029 and additional taxable retail sales targets.
The La Porte Development Corporation approved an economic development incentive agreement with Pfeiffer and Son Limited to support a project to improve West Polk Street tied to an expansion at 116 North 16th.
Staff said the company will construct a new employee parking lot and the incentive takes the form of public improvements (drainage, curbing, gutter installations, and a concrete roadway) rather than a direct cash grant. Haley told the board Pfeiffer must make a minimum capital investment of $886,246.52, create eight new jobs by 2029 and generate at least $1,180,000 in additional taxable retail sales by 2029 as part of the agreement; the project had been included in the capital improvements list earlier in the fiscal year and the board approved the incentive 5–0.
The incentive agreement implements a project previously approved by the board but formalizes the terms that tie public improvements to Pfeiffer's expansion commitments.
