Monday, July 07, 2014
Remanufacturing Park Could Create More Than 1,000 Jobs
Austin Business Journal reported on the plan by the city of Austin, Texas to open up 107 acres of land to "manufacturing development" for manufacturers utilizing recycled and reused materials, such as cartridge remanufacturers.
The area will be opened to a competitive development process later in the year, with the first businesses set to move in early next year, and the city's officials believe the area could "create more than 1,000 jobs" with its $3 million investment in "city-owned acres" near to the city airport. Officials are planning to use "low-cost, long-term leases and access to shipping corridors and recycled materials" in an effort to attract the companies they want to move in.
Should the plan attract the companies and investment, projections have shown a more than $30 million investment in private sector development, whilst at the same time "helping Austin to recycle more". The plan will rely on grants of $1 million from the Federal Economic Development Administration and $2 million from the city's own funds, all of which would be used to build infrastructure to and from the site.
Then, a $10 million investment would be used to "ready" the site, which would be expected to pay for itself over the next 25 years through "lease revenue from tenants", with this larger investment funding roads, lighting, drainage, and water and weather infrastructure. The venture was unveiled at Austin City Hall by officials, who stated they were "confident that manufacturers would be interested in the newly-available land".
Development officials in turn added that they believed the manufacturing jobs made available "would provide good employment for those in Austin with less education", with the city recently having worked on attracting manufacturers and "other easily accessible jobs" to the region "in order to reduce poverty".
Kevin Johns, Director of the city's Economic Growth and Redevelopment office, stated that "a few green-manufacturing businesses were interested in finding financing" in the area, whilst Natalie Betts, Austin's Recycling Economic Development Liaison, commented that "we have seen in general a very good interest in the community. One of the largest concerns for manufacturers is the cost of land".
Source: The Recycler
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