MOORPARK : Financial Incentives Attract Firm to City
After months of negotiations, Moorpark officials have lured a 500-employee Newhall company to the city.
The deal was made using incentives that included about $3 million in local and county tax breaks and a $10-million state bond to help finance construction of a new plant.
City leaders worked for several months with representatives of Assemblyman Nao Takasugi (R-Oxnard) and state Sen. Cathie Wright (R-Simi Valley) to work out the deal to bring Special Devices Inc. to Moorpark.
The company--which makes small detonators used to trigger car air bags--had considered moving to Mesa, Ariz., where it has another plant.
Company officials plan to spend up to $15 million to construct a 150,000-square-foot plant on about 28 acres of land east of the California 118-Highway 23 interchange in Moorpark.
Included in the incentive package was an agreement by Caltrans to trade a marketable piece of property and redesign the on-ramp to accommodate an entrance to the property.
City officials plan to sponsor a state-issued industrial revenue bond, said Councilman Scott Montgomery. The tax-exempt bonds are underwritten by the California Industrial Development Authority, and Moorpark would not assume any liability for repayment.
Company officials and city leaders are expected to officially announce the deal at a news conference Monday evening.
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