EL CENTRO, Calif. – Business growth is good news for any city and for family-owned Coyne Powersports their move to their new home in El Centro has Mayor Jason Jackson anticipating a big boost in local revenue.
“Obviously there’ll be a lot of renovation, purchase price and renovations, his estimation of about seven million dollars,” Jackson says.
Considering the costly project, El Centro officials agreed to help the business with a near one-million dollar subsidy – help that officials say will in turn bring more revenue to the city.
“Take a fifty-fifty split on sales tax revenue over the next ten years or until he is reimbursed the $937,000 which is the financial gap in his project,”Jackson says.
He says the city agreed to help because the move is an opportunity, but they don’t ignore that it is also a risk.
“The financial risk still falls on Coyne Powersports. They need to be successful in order to capitalize on the reimbursement that we passed last night.” Jackson says.
City officials hope the new location will make the south entrance to the city more presentable.
“It’s been a blighted area for the last several years and transform that into a viable retail facility that’s going to produce jobs for the city of El Centro, that’s going to increase sales tax revenue,” Jackson concludes.
Darletta Willis with the El Centro Chamber of Commerce says they also focus on the many upsides to the welcoming Coyne Powersports.
“A larger facility which they’ll have a bigger footprint on the community. They’ll have greater visibility and they’re projected to create at least 75 new full-time jobs,” Willis says.