C.E. Machine Economic Development Exemption Request

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Presentation transcript:

C.E. Machine Economic Development Exemption Request Office of Urban Development February 9, 2016

C.E. Machine Founded in 1975 as manufacturer of medium sized precision parts and assemblies for aerospace industry Located at 1741 S. Hoover Ct. (near Harry and Hoover streets) Customers: Bell Helicopters, Cessna, Boeing, Gulfstream, Embraer Advanced Manufacturing Cluster (BREG); supplier to Aerospace BREG cluster

C.E. Machine Harry St. and Hoover St.

C.E. Machine Expand facility by 25,000 square feet ($1,000,000) Add new machinery & equipment ($750,000) Total capital investment = $1,750,000

C.E. Machine Existing Facility

C.E. Machine Existing Facility

C.E. Machine Job Creation = 32.5% tax exemption Capital Investment = 25.0% tax exemption TOTAL = 57.5%, 5 + 5 year tax exemption Base New 5 Year Projected Jobs 82 15 97 M & E $750,000 Real Prop $1,000,000

C.E. Machine Company paid $20,150 in general property taxes in 2015 Estimated value of one year tax abatement is $13,783 (appraised at 80% of capital investment) City $3,760 State $ 173 County $3,378 USD 259 $6,472

C.E. Machine Cost/Benefit Analysis: Projected City of Wichita 2.79 to 1 City of Wichita – Gen Fund 2.51 to 1 City of Wichita – Debt Serv 3.17 to 1 Sedgwick County 2.27 to 1 USD 259 1.74 to 1 State of Kansas 34.27 to 1

C.E. Machine Recommendation: It is recommended that the City Council close the public hearing and approve first reading of the ordinance granting C.E. Machine Company, Inc. a 57.5% tax exemption on the identified real property improvements for a five-year term, plus a 57.5% tax exemption for a second five-year term, subject to City Council review.

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