Longmont City Council Tuesday night gave preliminary approval to a $300,000 incentive package to help the $37.5 million expansion of MBIO Diagnostics into 1844 Nelson Road in Longmont.
The incentives include rebates of eligible city of Longmont building permit/plan review fees and city sales/use taxes on construction materials. There would also be rebates of city of Longmont business personal property tax of 50% for each of the first four years the company is located in Longmont, according to a city staff report.
The council voted 6-0 for the rebate plan and scheduled a public hearing Oct. 26.
MBIO Diagnostics — also known as LIghtDeck Diagnostics — is an analytical laboratory instrument manufacturer. The company is looking to invest a total of $35.7 million to create a facility to house 200 new employees at an average wage of $66,000, which is 108% of the citywide average annual wage of $61,561, the staff report states.
The report also states the estimated 10-year economic impacts beyond the direct job creation estimates for the project include:
- Creation of about 102 additional direct/induced jobs above and beyond the 200 created directly by the project, and $4.6 million annually in direct/induced wages above and beyond the wages paid directly by the project.
- About $3.6 million in additional taxable sales/purchases in the city.
Even after the rebates, the city will still recognize an estimated $1.7 million in net direct fiscal impacts over 10 years, the staff report states.