By John Dobberstein, Editor
An aerospace firm in Broken Arrow that needs room to expand may soon become the first occupant of the city’s Arrow Forge Innovation District.
The Broken Arrow City Council is expected to vote on an incentive package Tuesday that would relocate CSI Aerospace from its current location at 2020 W. Detroit St. to the Innovation District, which is under construction along Florence Street just east of Olive Avenue.
The city is using funds from a 1% economic development fee tacked onto PSO’s franchise agreement renewal, approved by voters, to help fund the incentive package.
As part of the economic development agreement being considered Tuesday, CSI will create approximately 50 new full-time jobs over a
5-year period, and the current 108 employees will relocate to the new space in Arrow Forge.
City officials said the company plans to invest a minimum of $5.5 million as a capital contribution to allow for the expansion of approximately 40,000 to 50,000 square feet of the manufacturing facility. This anticipated project has a total economic output of approximately $26.5 million.
In addition to the Broken Arrow Economic Development Authority granting 10 acres of Arrow Forge for the expansion, BAEDA will incentivize new full-time jobs based on the salaries paid to them.
The Authority would pay to CSI anywhere from $1,000 to $5,000 per job depending on compensation levels, and also reimburse the company for permitting fees not to exceed $28,316.
Established in 1992, CSI Aerospace is a premier maintenance, repair and overhaul facility for air data probes. CSI supports commercial, regional, and military aircraft markets and is constantly designing, engineering, and developing new advancements in niche segments to aid customers with their requirements.
CSI Aerospace is a subsidiary of Hollywood, Fla.-based Heico Corp., which engages in the design, manufacture and sale of aerospace, defense, and electronics related products and services in the U.S. and internationally.
The 90-acre Arrow Forge Innovation District is a mixed-use development expected to bring high-paying career opportunities to Broken Arrow in a collaborative effort with developers, local businesses, the Broken Arrow Economic Development Corporation, public and higher education, and the city of Broken Arrow.
As a part of the 2018 General Obligation Bond, Broken Arrow voters approved the initial infrastructure to create an Innovation District. The goal is to create 1,000 jobs in the special district.
Leave a Reply