HomeMy WebLinkAboutAGENDA REPORT 1997 0521 CC REG ITEM 10L`..x,30
ITEM
CITY OF MOORPARK
AGENDA REPORT
TO: HONORABLE CITY COUNCIL CITY a! GALA
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.4 V FROM: RICHARD HARE, DEPUTY CITY MANAG Of— S —199,7.
ACTION: Ie a/
SUBJECT: CONSIDER SUPPORT OF VORTECH ENGINEERING'S -r-- --
INDUSTRIAL DEVELOPMENT BOND APPLICATIO - -�
TO THE STATE OF CALIFORNIA -��
DATE: MAY 14, 1997 (5/21/97 Council Meeting)
Vortech Engineering, which is located in Moorpark and employs approximately 30 people, has
applied for Industrial Development Bonds (IDBs) to finance the purchase of property and the
construction of a new facility in Moorpark which will allow them to add another 80 jobs.
The company makes an innovative blower system for cars as an after market piece of equipment.
They are also expanding into marine and water treatment applications as well as heat exchange
apparatus. Moorpark is developing an industrial cluster of automotive related businesses.
The company's President, Jim Middlebrook has asked for support from the city in his effort to
secure approval from the California Debt Limit Allocation Committee (CDLAC) for the financing
of $4,000,000 in IDBs.
The expansion of Vortech Engineering is considered by staff as consistent with the City Council's
expressed business retention and expansion goals. The Deputy City Manager attended a meeting
of the California Economic Development Financing Authority ( CEDFA) on April 30, 1997 and
spoke in favor of the acceptance of Vortech Engineering's application. CEDFA approved the
application and forwarded Vortech's application to CDLAC for final approval and allocation of
IDB funds.
This year there is a limited amount of funding available and there is competition among the IDB
applicants for an allocation of bond capacity. The Deputy City Manager is planning to attend the
meetings of CEDFA and CDLAC scheduled for May 28, 1997 to support Vortech's application
for IDB financing.
Vortech will be filling unskilled, skilled, and professional/administrative positions with their
expansion. The hiring of unskilled workers and their training for higher level positions is
consistent with the program goals fostered by the state and CDLAC.
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Vortech Engineering
City Council Meeting 5/21/97
Vortech has been an active company in the community. The president of the company and many
of their employees live in Moorpark. They have expressed a desire to remain in Moorpark and
hope to be able to expand their operation here. They have supported youth sports, city recreation
programs and other community activities.
Staff recommends that the City Council express their support for Vortech's application for IDB's
in the form of letters to the appropriate parties at the state level and direct staff to prepare the
letters of support for the Mayor's signature.
970514.040
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