Under the agreement, approved at the council's Oct. 4 meeting, Steri-Tek will spend at least $7 million constructing a new 103,000-square-foot facility on 6.152 acres that the company owns at 1206 N. Stemmons Freeway in Lewisville. That facility is expected to open in the first quarter of 2022.
Steri-Tek has until Dec. 31, 2022, to complete a minimum of $10 million worth of business personal property improvements at the site, according to the agreement.
The agreement includes a 10-year tax abatement of 75% of the real property taxes paid to the city, documents state.
Other provisions of the agreement include a one-time construction grant, which is equal to 100% of local sales tax receipts spent on taxable items for the site, and grants to cover building permit fees and other fees paid to the city, according to documents.
The city of Lewisville will also provide an annual grant equal to 100% of the business personal property taxes paid by Steri-Tek for the first seven years and equal to 75% for the following three years.
According to its website, Steri-Tek provides sterilization services to a variety of industries, including medical, technical and food and drug industries as well as academic institutions and technology companies.
