LOVELAND — The Loveland City Council on Tuesday will look over a request from Tri-Point Oil & Gas Production Systems for incentives to help offset the cost of an expansion that should lead to new jobs in the city.
The special meeting, set for 5 p.m., will allow the city council to decide if it wants to consider the incentive request at a future date.
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
Tri-Point, which recently acquired Leed Fabrication Services, wants to expand its plant at 5100 Boyd Lake Ave. The expansion would consist of about 30,000 square feet, including 5,000 square feet of office space, and is projected to add 25 new jobs per year for the next five years, according to a letter submitted to Loveland’s planning department.
The company produces industrial separators used in oil and gas extraction and sells them to companies in Colorado, Wyoming and Nebraska.
With the completion of the expansion, the company said it will maintain point of sales for the machinery in Loveland and be subject to city sales tax. The company has asked for an economic incentive that includes a waiver of fees and a rebate of sales tax over five years.