BOARD AGENDA ITEM
SUBJECT:
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Request for an opinion on the proposed property tax abatement for Incertec.
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SUMMARY:
The City of Edgewater was approached by Incertec regarding their interest in moving to the City of Edgewater for a new regional headquarters. Incertec is looking to make a 40,000 square foot expansion to an existing warehouse. Incertec is currently located in Titusville, Florida. Incertec is a specialty plating company, metal finishing, and engineering solutions company. The company operates gold plating, nickel plating, specialty composites plating, and various anodizing lines. The company provides specialized products in the aerospace industrial. Incertec has applied for property tax abatement which is scheduled to be heard before City Council on November 11th, 2024.
Incertec is proposing a total capital investment of $11,520,000 into the City of Edgewater with the proposed site they are in process of acquiring. Incertec is anticipating the creation of five new positions in 2025, 10 new positions in 2026, and 10 new positions in 2027. The company currently has a staff of 50 employees. Incertec has provided staff with a cover letter, the job creation incentive form, and a table of pay ranges at the company.
RECOMMENDED ACTION:
Send a favorable recommendation to City Council for the approval of property tax abatement for Incertec.