The 31,000-square-foot facility already exists at 301 Leora Lane, Lewisville. According to the incentive agreement, TurboChef Technologies will be required to invest millions of dollars into improving the building to include a state-of-the-art showroom for cooking equipment.
TurboChef Technologies, which was founded in 1991, is a company that produces rapid-cook ovens and other cooking technology geared toward energy efficiency.
As part of the agreement, the city will waive $20,000 worth of permit fee waivers for TurboChef Technologies. The city will also provide the company with about $30,000 in tax incentives during the facility’s construction and another $10,000 over the course of five years, according to the document.
In return, the agreement states that TurboChef Technologies will allow the city to use the facility for quarterly events and business retention meetings. Additionally, TurboChef Technologies will be required to provide cooking demonstrations at one city event each year.
TurboChef Technologies must complete the $5 million of improvements to the facility by the end of this year, according to the agreement.