VALLEY- On Monday, Valley Mayor Leonard Riley, and Council voted unanimously to enter into a lease agreement with 1776 Munitions, an ammunitions manufacturer that will be an estimated 250 million capital investment, and will provide 836 jobs by 2028 with the project beginning in 2022-2023.
"WHEREAS, the City of Valley wished to enter into a Lease Agreement with 1776 Munitions for property owned by the City of Valley. BE IT THEREFORE RESOLVED THAT, the Valley City Council hereby approves the City to enter into an agreement. Further, authorizing Mayor Leonard Riley to execute the agreement thereby binding the City to the terms thereof", read Valley City Clerk Kathy Snowden.
"This lease is performance driven. The city of Valley will write performance-based incentives based upon wages, and job creation numbers similar to the CCDA's agreement with John Soules Foods not to exceed $300,000", said CCDA Executive Director Valerie Grey.
The CCDA will address tax abatements and other incentives at a later point and time so that they can have a better understanding due to price adjustments.
The city of Valley is not out any money on the investment of 1776 Munitions, and due to the performance-based incentives, the risk of this project is minimal.
Representatives from 1776 Munitions will be in the area on Thursday and will meet with Grey, and staff with the CCDA along with architects, engineers, and builders.