Laserfiche WebLink
• <br />• <br />• <br />AGENDA ITEM 8E <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 8/14/00 <br />TOPIC: Consideration of Business Subsidy Agreement for <br />Twin City Fab, Inc. <br />Vote Required: Simple Majority <br />BACKGROUND: <br />Earlier this evening the Economic Development Authority considered a proposed <br />$77,185 business subsidy in the form of Tax Increment Financing to Twin City <br />Fab, Inc. for the construction of a 19,200 square foot facility in the Apollo <br />Business Center. As with the previous agenda item, state statute requires that a <br />public entity —in this case the EDA —must find that the granting of a subsidy <br />meets the best interests of the city. The city council is required to also approve <br />the subsidy. <br />The main component of this subsidy is to write down the cost of assessments. <br />The 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 Agreement for Twin City Fab, Inc. <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />