The Manhattan City Commission recently voted 5-0 to approve on second consideration an economic development agreement with PTMW, Inc. The commissioners also unanimously approved Amendment No. 2 to the Economic Development Agreement with Flint Hills Ventures, LLC (FHV).
PTMW is a metal fabrication company headquartered in Topeka that intends to enter into a lease agreement with FHV to occupy the new industrial space located at 1105 Kretschmer Drive. PTMW submitted its economic development application to assist with job creation and equipment investment.
The PTMW incentive package includes a Job Performance Grant of up to $760,000 for 146 net new full-time employment (FTE) positions over 10 years.
The City incentives for PTMW will be paid with funds from the 2023 Economic Development Recovery and Relief Sales Tax Fund. If adequate funds are not received, the City can reduce or eliminate future annual payments if needed.