City to consider granting funds for Cox Container expansion

Published 9:58 pm Tuesday, February 19, 2019

The City of Troy will consider Tuesday giving Cox Container up to $100,000 in incentives in exchange for a $1 million capital investment in the city

The company is looking to expand internally with the addition of a new building, more employees and more utility usage.

“Cox Container is planning to build an additional building,” said Mayor Jason Reeves. “The total cost of the building is just under $900,000. This will create about $400,000 a year in new payroll with 19 employees and extra utility load. We’re also working on some other things with further potential expansion. It’s exciting to see a local company grow and expand. It’s good for our community good for our economy.”

Sign up for our daily email newsletter

Get the latest news sent to your inbox

The city council approved tax abatements for the company in October 2018 to assist with the expansion, which had to be amended in the months since for technical purposes such as a slight change to a name within the resolution.

Through this project, the city would grant public funds to reimburse 10 percent of capital expenses for Cox Container, up to $100,000.

In return, the city would be seeking the capital investment, more jobs and increased utility load as the public benefits of the expansion.

The city will also consider renewing the line of credit for Troy Regional Medical Center, which Reeves said the City does every two years.

“This is routine business,” said Ronnie Dean, TRMC CEO. “It comes before the council every two years. We absolutely appreciate the City of Troy supporting this line of credit. It’s great to have if the hospital needs it. We’ve had it for many years and we like to keep it approved and available if needed.”

The City Council will meet Tuesday, February 26, to consider the two items as well as the rest of its agenda. The executive committee will meet at 4 p.m. upstairs at City Hall and the council will convene at 5 p.m. in the City Council Chambers to consider taking action.