The city council will also consider approving a contract between the Norman Tax Increment Finance Authority, the Norman Economic Development Coalition and Immuno Mycologics, Inc “to further economic development in University North Park,” according to the council agenda.
Immuno Mycologics, or IMMY, is a local company that is expanding and will purchase a lot in the Advanced Manufacturing Center located in the industrial and corporate business park portion of the UNP on 24th Avenue Northwest. Located north of the retail center and Embassy Suites Norman, the manufacturing center is being built on 60 acres of land purchased from the developer by NEDC.
IMMY will buy one lot in the manufacturing center for $1,920,000.
This initial lot sale will kick off the project and help solidify the funding of the loan for the entire project’s infrastructure, according to city staff reports.
NEDC is giving IMMY a $770,000 discount as an incentive, resulting in a “net purchase price of $1,150,000.”
Under the agreement, IMMY will be obligated to begin construction of a 60,000 square foot building within 18 months and complete construction within 36 months.
IMMY will invest about $12.5 million in additional capital with the project. If the company’s business plan moves forward as expected, it could purchase an additional lot for future expansion. IMMY expects to add at least 50 new jobs over the next 10 years at annual salaries of at least $50,000 annually plus benefits.
At the council’s non-voting 5:30 p.m. study session on Tuesday, discussion will include Phase II of the Water Treatment Plant Expansion project.
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