Lewisville City Council approved an economic development agreement Aug. 2 with a longtime business to construct a larger facility within the city.
Biosynthesis, which makes molecular biology products for medical research, diagnostics and therapeutic industries, plans to construct a 50,000-square-foot facility on Mario Court south of the intersection of Main Street and Valley Ridge Boulevard. The facility would replace the company's 10,000-square-foot headquarters, which it told the city it has outgrown.
The approved agreement calls for Biosynthesis to have construction done by Dec. 31, 2022, and maintain a minimum taxable value on the new property of $4.5 million. The company must retain its current employees and add new ones for a total of 100 full-time staff working at the facility within five years of construction being completed, according to a city memo on the deal. It must also submit a rezoning request for its current operations at 612 E. Main St. in Lewisville, where it has operated since 1984, the agreement states.
In return, the city will provide an annual grant for 10 years equal to 50% of the company's property taxes paid to the city. The city estimates the amount over 10 years to be $100,000. The city will also award a one-time grant for building permit fees, estimated at $97,000. Biosynthesis will also receive a one-time capital recovery fee grant equal to 50% of the capital recovery fees required by the city, according to the agreement. That grant's estimated value is $28,000.