After a two year competitive process, Northern Tool & Equipment Company (NTE) has chosen Ankeny for their new 600,000 square foot, $75 million distribution center. NTE will use this distribution center to serve their 100+ retail stores and online customers around the country. Ryan Cos. will construct and own the facility and lease to NTE for an initial lease term of 15 years. This facility will be on 66 acres in the Crosswinds Business Park, located along the north side of NE 54th Avenue, between NE 29th Street and Interstate 35. Construction is expected to begin in early 2019, with project completion expected in 2020.
NTE has committed to creating 183 new jobs as part of this investment, with wages for 19 positions exceeding 120% of the area median laborshed wage of $30.32/hour, plus benefits. The wages for the additional jobs will range from $16/hour to $24+/hour, plus benefits. The proposed development agreement includes claw-back provisions on all 183 jobs.
The development agreement also covers a potential expansion of the facility within five years. If NTE expands by no less than 350,000 square feet within five years, creates an additional 75 new jobs, and extends their lease on the entire facility by no less than five years, additional incentives for this expansion will be provided as outlined in the proposed agreement. |