Res 1988-111 - Laserfiche WebLink

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PROJECT SUMMARY Environmental Projection Systems, Inc. (EPS) is currently experiencing growth pains. The company finds itself in the unenviable position of having to expand to keep up with demand for it's product and being unable to secure the needed capital such expansion from its own resources. An existing, unused facility is available for purchase, and the company is seeking financial assistance from several sources to buy the property and renovate the existing buildings for the needed expansion. The buildings total approximately 100,000 square feet in area. EPS will occupy the largest of the five buildings which is approximately 65,000 square feet and will lease the remaining buildings until the company needs the additional space. EPS has been located in San Marcos since its inception as a sole proprietorship in 1973 and was incorporated in 1982. The company has been engaged in manufacturing, merchandising and service in the photographic industry primarily being involved in developing new products for the professional portrait and commercial photographer. EPS also specializes in the sales and service to the one hour processing industry through its outlets known as One Hour Studio Systems. More recently, EPS has become increasingly involved in marketing high-tech laboratory processing equipment and in producing seminars and other educational activities for both professional photographers and one hour lab operators. Once the company has purchased the property and renovated the production facilities, a total of twenty-five persons will be hired and trained as permanent employees. These twenty-five persons are the direct beneficiaries of the project resulting in an annual increase of approximately $ 350,000 in salaries for low to moderate income persons in the San Marcos area. However, the entire City of San Marcos will benefit indirectly through the additional tax revenue generated by the property. During the past few years, the population of San Marcos, and indeed all of Hays County, has steadily increased at approximately 4% per year. Unfortunately, the unemployment rate has also been increasing -- from 3.7% in 1984, to 4.4% in 1985, to 6.1% in 1986 and to 6.3% in 1987 (Annual Averages from the Texas Employment Commission). As with the entire State of Texas, the decline of the petroleum industry and related declines oil field machinery and, ultimately, construction, the number of unemployed persons in Hays County steadily increased from 1984 through 1987. Over the past five years the community has lost two major employers: Bohlman Industries (the property Environmental Projection Systems, Inc. wishes to purchase) and International Electric. Over two-hundred jobs were lost with these plant closings which represents eighteen per cent of the total labor force employed in