O’Fallon has approved issuing $8 million in industrial revenue bonds [IRBs] to finance an industrial development project.
At its July 11 meeting, the O’Fallon City Council unanimously voted to approve Bill No. 7105.1, authorizing the city to issue the bonds which would allow for the acquisition of land and the building of the proposed structure.
Duke Property Management, LLC and Ortho Solutions, LLC doing business as DynaFlex, had requested that the city issue IRBs to provide funds to pay the costs of acquiring and constructing an approximately 57,600-square-foot facility on an approximately 11-acre site located on Hawk Ridge Trail. DynaFlex will pay for all legal fees and insurance costs. The site currently is vacant with no building improvements and is assessed agriculturally. Last year, the property generated $102.09 in 2018 property taxes for all taxing districts combined.
DynaFlex has committed to relocate 130 employees and its existing machinery and equipment into this new headquarters/advanced manufacturing facility and create 15 new “quality jobs” within its first three years of operation in O’Fallon.
The city is not under any obligation or liability for debt created by the bonds, and all bond payments will be addressed in full through a payment-in-lieu-of-taxes [PILOT] agreement.