Superior City Council actions Tuesday night helped AMSOIL Inc. move ahead with plans for a $15 million expansion at its Susquehanna Avenue facility.
Councilors granted the synthetic oil company an easement for a new rail spur, approved a development agreement and expanded the Winter Street Industrial Park project area to accommodate the expansion.
All 10 councilors approved the motion to approve the development agreement, which will give the company a $200,000 grant upon completion of the expansion. Under the agreement, the company agrees to create two full-time equivalent jobs with salary and benefits worth a mini-mum of $12.50 per hour for each of the next five years.
The project more than doubles the size of the facility and the company's blending capacity. The expansion is expected to create more than 200 construction jobs.
The council also hosted a public hearing to take testimony concerning a city bond issue for the project. The bonds, which AMSOIL is solely responsible for repaying, will give the company $10 million toward the project costs. The tax-exempt bonds are expected to save AMSOIL about $1 million.
