EDA gives incentive to ProLogis
Published 9:27 pm Wednesday, July 14, 2010
The Suffolk Economic Development Authority voted Wednesday to extend more than $276,000 to developer ProLogis as part of a public/private partnership for infrastructure development.
The company also received $390,000 from city coffers in January, and $12,000 in June, as part of the agreement.
“We’re working with them to leverage their dollars,” Economic Development Director Kevin Hughes said.
The city and ProLogis partnered to put infrastructure in Northgate Commerce Park, including roads, sewer, water, sidewalks and landscaping. As sections of the project are completed, ProLogis gets reimbursement from the city, Hughes said.
“It makes development possible,” Hughes said. “They’re going to build, and they wanted to put in a new road that gets back to all their sites. The issue was we didn’t have a road to access or get to those sites. We provide a portion of the funding and they provide the rest, and we’re all able to get what we want.”
Hughes said ProLogis will likely get at least one more disbursement from the city, and the city’s responsibility will then be over. ProLogis then will continue paying until the project is done.
EDA chairman Harold Faulk said the agreement was needed to secure ProLogis’ place in the city and remain competitive.
“Other cities are bidding for the same businesses,” he said. “It’s real competitive out there.”