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• <br />AGENDA ITEM 8D <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 8/14/00 <br />TOPIC: Consideration of Business Subsidy Agreement for <br />Marmon Keystone <br />Vote Required: Simple Majority <br />BACKGROUND: <br />Earlier this evening the Economic Development Authority held a public hearing <br />regarding a proposed $322,242 business subsidy in the form of Tax Increment <br />Financing to Marmon /Keystone for the construction of an 83,000 square foot <br />facility in the Apollo Business Center. A new state statute requires that a public <br />entity —in this case the EDA —must find that the granting of a subsidy meets the <br />best interests of the city. As required by state statute, the city council is required <br />to also approve the subsidy. <br />This subsidy is to write down a portion of the cost of land and assessments on <br />the project according to the terms of a development agreement. The <br />development agreement includes the Subsidy Agreement, specifying the <br />requirements under the Business Subsidy Law, including wage and job goals <br />and annual reporting. <br />OPTIONS: <br />1. Approve the business subsidy for Marmon /Keystone <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />• <br />