Ross Reels is finalizing an agreement with the city that would keep the business in town for the next five years — and give more national exposure to Montrose, city officials said Thursday.
“It’s a win-win for Ross Reels, as well as the city and county of Montrose, and the community,” City Manager Bill Bell said.
As part of the agreement, the city will provide 3M — Ross Reels’ parent company — $20,000 annually over the next two years, while the county will provide $25,000 for one year. Those $45,000 and $20,000 sums will be used to market Ross Reels’ products and Montrose across the country, Bell said. Ross Reels is recognized as the leading fly reel manufacturer in the country, according to its website.
“When 3M/Ross Reels is promoting across the nation, they will tie in Montrose,” Bell explained. “We’re trying to make Montrose a Mecca for fly fishing.”
Bell said in addition to Ross Reels promoting Montrose in its national advertising campaign, the city will include Ross Reels in its own regional and out-of-state advertising.
Also, under terms of the proposed agreement, 3M/Ross Reels is expected to maintain 20 full-time employees in Montrose over the next five years, Bell said. The average salary for a Ross Reels employee is $53,400 plus benefits a year, according to Sandy Head, executive director of Montrose Economic Development Corporation.
Bell added that if 3M opts out of the agreement early, the city and county would not go away empty handed.
“If the company chooses to leave our community over the next five years, they will be expected to pay back any pro-rated contribution made to them,” Bell said.
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