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STAFF ORIGINATOR: <br />DATE: <br />TOPIC: <br />AGENDA ITEM 7C <br />Mary Alice Divine <br />03/12/01 <br />Consideration of Business Subsidy Agreement for <br />Summit Fire Protection <br />Vote Required: 3/5 <br />BACKGROUND: <br />Earlier this evening the Economic Development Authority held a public hearing <br />regarding a proposed $217,059 business subsidy in the form of Tax Increment <br />Financing to Summit Fire Protection for the construction of a 30,000 square foot <br />facility in the Apollo Business Center. State statute requires that a public entity — <br />in this case the EDA—must find that the granting of a subsidy meets the best <br />interests of the city, and a business subsidy agreement needs to be approved by <br />both the EDA and the city council. <br />This subsidy is to be used to write down a portion of the cost of land and <br />assessments on the project according to the terms of a development agreement. <br />The subsidy agreement specifies the commitment the company is making <br />regarding wages and jobs, plus the annual reporting that is required. <br />OPTIONS: <br />1. Approve the business subsidy for Summit Fire Protection <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />