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DEVELOPMENT SERVICES MEMORANDUM <br /> No. 14-37 <br /> December 10, 2014 <br /> TO: Honorable Mayor Michael T. McElroy and City Council <br /> FROM: Ryan P. McCrady, City Manager <br /> Billy Tyus,Assistant City Manager <br /> Patrick Hoban, Economic Development Officer <br /> SUBJECT: Ordinance adding territory to the Decatur Macon County Enterprise Zone for <br /> economic development projects by Harrison Management Group LLC and Akorn, Inc. <br /> RECOMMENDATION: City staff recommends approval of this item amending the <br /> boundaries of the local enterprise zone to encompass the Ashley Furniture development <br /> at Mound Center and a proposed expansion for Akorn, Inc. <br /> BACKGROUND: The Decatur Macon County Enterprise Zone is an economic <br /> development tool that can provide incentives to spur local economic development. The <br /> current zone and its predecessor have been in existence since 1983 and have served as a <br /> critical tool in supporting local economic development activity. A total of 167 projects <br /> representing nearly $407 million in direct investment benefitted from the availability of <br /> enterprise zone benefits from 2005 through 2014. The investment supported the creation <br /> of 1,621 new positions and the retention of more than 11,500 other employees. <br /> This ordinance, if approved, would add property at Mound Center for the planned <br /> Ashley Furniture development and an $18 million remodeling and expansion project at <br /> Akorn Inc. Akorn is a niche generic pharmaceutical company engaged in the <br /> development, manufacture and marketing of multi-source and branded niche <br /> pharmaceutical products in the United States and across the globe. The products <br /> manufactured at the Decatur sites are used in the local hospitals and doctor's offices and <br /> ophthalmic products are sold over the counter at all major pharmacies. <br /> Akorn recently closed on the sale of neighboring property and plans to further <br /> expand its current facility, adding 40,000 square feet of space to accommodate its <br /> growing pharmaceutical development, analytical and microbiology testing laboratories <br /> and manufacturing facility. <br /> Plans would be for the Ashley project to break ground in late February or early <br /> March, depending upon weather allowing for construction. <br /> STAFF REFERENCE: Additional questions can be forwarded to Ryaln McCrady at <br /> 217-424-2801 or rmccradygdecaturil. og_v, Billy Tyus at 217-424-2727 <br /> (btyus(j�decaturil.gov) or Patrick Hoban at 217-424-2778 (phoban@decaturil.gov) <br /> BUDGET & TIME IMPLICATIONS: None <br />