HomeMy WebLinkAbout910436.tiff RESOLUTION
RE: APPROVE TAX INCENTIVE PAYMENT FOR BACE PLASTICS GROUP, INC. , AND AUTHORIZE
CHAIRMAN TO SIGN
WHEREAS, the Board of County Commissioners of Weld County, Colorado,
pursuant to Colorado statute and the Weld County Home Rule Charter, is vested
with the authority of administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with the Tax Incentive Payment
Agreement for Bace Plastics Group, Inc. , commencing 1991 and terminating 1994,
with the further terms and conditions being as stated in said Agreement, and
WHEREAS, after review, the Board deems it advisable to approve said
Agreement, a copy of which is attached hereto and incorporated herein be
reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Tax Incentive Payment Agreement for Bace Plastics
Group, Inc. be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chairman be, and hereby is,
authorized to sign said Agreement.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 20th day of May, A.D. , 1991.
fil illifit BOARD OF COUNTY COMMISSIONERS
ATTEST: ia
WELD COUNTY, COLORADO
Weld County Clerk to the Board EXCUSED DATE OF SIGNING - (NAY)
//.. Gordon E. Lacy, Chairman
By: 0O--t-A (.0t) EXCUSED DATE OF SIGNING - (AYE)
Deputy plerk to the Board Geo ge Kennedy, Pro-Tem
APPROVED AS 0 FORM: 4J/,�2 ��,,��, �iir�J�
/./.4,°-
Constance Harber ���
C >C7? o CD�f ® /
County Attorney C. W, � /
i �GG _
W. H. Webster
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I 910436
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AGREEMENT
WHEREAS, the Board of County Commissioners of Weld County, Colorado,
is desirous of promoting economic development within Weld County, Colorado
(hereinafter referred to as the "Taxing Authority") for the purposes of
stimulating the general well-being of the Tax Authority and the generation
of employment opportunities; and
WHEREAS, Senate Bill 118 was passed by the Colorado General Assembly
and became law on April 24, 1990, and provides that the Taxing Authority
may negotiate incentive payments to taxpayers who establish new business
facilities or who expand existing business facilities; and
WHEREAS, the BACE Plastics Group, Inc. (hereinafter referred to as
the "Taxpayer") has invested, or intends to invest, in qualifying personal
property and wishes to receive the incentive payment benefits available
under C.R.S. , Section 30-11-123; and
WHEREAS, the Taxpayer has been determined to be eligible for benefits
under Senate Bill 118 and the policy concerning incentive payments passed
by Resolution on February 20, 1991 (hereinafter referred to as the
"Resolution of the Taxing Authority") .
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners
of Weld County, Colorado, that the undersigned parties hereby agree to the
following:
1. Fifty percent of the amount of personal property taxes paid by
the Taxpayer for property appearing on the personal property
declaration schedule submitted by the Taxpayer to the Weld
County Assessor for the four tax years beginning 1991 and ending
1994 and which have not appeared on previous schedules in the
State of Colorado, shall be paid to the company by the Taxing
Authority. Only property placed in service in the County during
the tax years given above shall qualify.
2. Such payment shall be made to the Taxpayer by the County
Treasurer within 90 days of receipt of full payment by the
Taxpayer of all personal property taxes due and receipt of an
affidavit from the Taxpayer stating that the Taxpayer remains
eligible for the payment under C.R.S. , Section 30-11-123 and the
Resolution of the Taxing Authority.
3. Such payment shall be made only if all taxes and assessments
levied and assessed by the Taxing Authority shall be current.
4. Such payment shall be made only if Taxpayer remains eligible to
receive the incentive payments under criteria established in
Senate Bill 118 and the Resolution of the Taxing Authority in
each year of this Agreement.
5. Payment shall only be made by Taxing Authority if incentive
payment is not calculated as being part of Weld County Home Rule
5% property tax limitation or State property tax limitation.
910436
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AGREEMENT, BACE PLASTICS
6. Payment shall not be made by Taxing Authority if a State
Constitutional Amendment limiting property tax is subsequently
passed after the date of this Agreement.
7. This Agreement is not assignable or delegable.
8. Acceptance of incentive payment by Taxpayer constitutes
agreement by both parties to fund incentive payment settlement
for the tax year involved.
The above and forgoing Agreement was hereby approved on the 20th day
of May, A.D. , 1991.
4410//aeuthTAXING AUTHORITY:
ATTEST: BOARD OF COUNTY COMMISSIONERS
WELD COUNTY C LORADO
Weld County Clerk to the Board
BY:
ei
Go . La y, airman
BY: ( 11011
Deputy lerk oAhe Board
TAXPAYER:
BACE Plastics Group, Inc.
910436
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Testimony
��- BACE Plastics Group
GREELEY/WELD
BACE Plastics, also known as Accurate Plastics, is a full service manufacturer of
plastic injection molded parts. The company has engineering, tool building, molding,
finishing and assembly capabilities.
Plastic components play a very important role in many products from medical to
electronics to industrial and computers. Most of BACE's sales are to Fortune 500
corporations who compete on a global level. BACE began operations in 1972. Due to
current space limitations at their Longmont facilities, BACE has conducted a thorough
nationwide site search for their new $3.7 million expanded, state-of-the-art plastic
injection molding plant. This search resulted in Frederick being the preferred site. It
offers numerous advantages: Close to existing employees and customers, 1-25
location, Enterprise Zone, etc.
With the successful location of BACE to Weld County, the company anticipates (over
the first 3-4 years) adding 140 employees to their current level of 100. The new
83,000 square foot facility will be constructed on 10 acres for a total value of $3.7
million. In addition, BACE anticipates adding $400,000 worth of new equipment in the
first year and $500,000 per year for the following three years.
The BACE location/expansion is a pump priming project, a seed for future
development. When this project is built and in operation, and when utilities have been
extended to the area, it will provide a stimulus for other similar projects to be built in
the same general area. This provides much needed impetus to the southwest Weld
area and gives that area a leg up on other competitive locations in the region. BACE
has already indicated their desire to bring other companies they own to the area.
In addition, this project is a wonderful example of the cooperative spirit that exists here
in Weld County. As you are aware, we have or are in the process of assembling a
series of state, federal and REA grants and loans to develop the infrastructure needs
for this project which is a criteria for location. All of the entities involved— United
Power, Town of Frederick, St. Vrain Sanitation, Grant Brothers, and Central Weld
Water have come to the table to insure this project's success. Support from the county
will increase our ability to get the final loans put in place.
On behalf of all of those involved, we urge the Commissioners to offer personal
property tax incentive payments as outlined in SB 118. This company represents a
tremendous long-term opportunity to the county.
Respectfully
Greeley/Weld Economic Development Action Partnership
by Cathy L. Schulte, Acting Executive Director
GREEI.FY/WELD
ECONOMIC DEVELOPMENT
P.O.Box S
010 ley Colorado Greeley Colorado 80632
30 x;56-4S6i
fax 30S/3)2-2436
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