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Council schedules public hearing on Cambrex urban renewal amendment tied to $150M plant
Summary
Staff presented an amendment tied to Cambrex's planned $150 million facility that would create about 143 full-time jobs and generate about $405,000 in incremental tax payments; council set a public hearing for the 3rd to consider the amendment.
Staff described a proposed urban-renewal amendment connected to Cambrex's plan to build a new production facility with a roughly $150 million investment. Staff said the project would require substantial completion by Dec. 31, 2027, and would create 143 qualified full-time jobs with an average wage of about $24.76. The amendment would make available roughly $405,000 in tax-increment payments (90% of new property tax revenue) for the project; staff said payments would begin Dec. 2029 and that an administrative payment totaling about $50,200 had already been provided under a prior agreement and would be accounted for in the amendment.
Council set a public hearing for the 3rd on the amendment so the matter can proceed to formal consideration. Staff noted the amendment includes provisions for clawback and payment timing tied to valuation and tax revenue flows.
Council did not adopt the amendment at the meeting; the public hearing will provide an opportunity for additional public comment and final action.
