October 2011 - The Surprise City Council heard details of a proposed 28,000 square foot precision tools manufacturing facility its Tuesday workshop. The Intrepid Tool Industries project represents a $3 million capital investment and 60 new full and part time jobs. 

The center will manufacture rotary cutting tools for the automotive, aerospace and aircraft engine, medical and electronics industries.  It will be located at an existing facility at Peoria and Dysart roads, which Intrepid tools intends to improve.

Under the proposed development agreement, the Phoenix-based company will open the facility in late 2012.

“Intrepid Tools creates more local jobs and also brings a new industry to town,” says Surprise Community and Economic Development Director Jeff Mihelich. “There is potential for expansion through a relationship the company has with Chicago-based Everede Tool Company.”

Mihelich says the project is consistent with the council Strategic Plan’s emphasis on economic development.

The Council learned the proposed development agreement is incentive-based and is phased to encourage performance. The City has agreed to pay building plan review and building permit fees in an amount not to exceed $15,000 and provide free after-hours inspection service to help expedite the project.

Council is scheduled to take action on the development agreement at the Regular Council Meeting October 25.

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