Title
An Ordinance to provide for the disposition by sale of property located in TechPark, Rock Hill, South Carolina by the City of Rock Hill to Workspace Resources, LLC.
Body
City Council is asked to approve the sale of approximately 4.81 acres located in TechPark to Composite Resources (Workspace Resources, LLC). The total price is $158,200 ($40,000 per acre for the 3.67 developable acreage and $10,000 per acre for the 1.14 acres located with in the floodplain). The Rock Hill Economic Development Corporation has recommended that the City Council approve this sale.
Composite Resources is a specialized manufacturing company located in TechPark at 485 Lakeshore Parkway. They produce parts for a variety of applications including industrial, military, medical and aerospace. Using composite materials, such as Carbon, Kevlar and Fiberglass in their manufacturing process, they target improving weight and sustainability in new and existing products. Their products include a combat tourniquet, filtration and purification tubing, and airline seat frame supports. The company recently completed a 30,000 square foot expansion and redesign of its manufacturing facility. With the completion of the $5 million expansion project, the total size of the facility is 52,000 square feet. Composite Resources was established in 1993 and now has over 75 employees
The Company plans to begin construction on a two story 60,000 square foot warehouse in February, 2010. At completion, this expansion will represent an investment of $3.5 million and create approximately 50 new jobs paying at or above the County average.
The SC Carolina Coordinating Council has committed to provide a $200,000 Economic Development Grant (administered by the City of Rock Hill) and Comporium Communications has earmarked $50,000 of its License Fee Infrastructure incentive for this project.
Staff recommends that the City's land sale income be allocated to the Economic Development Fund for future economi...
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