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• <br />• <br />• <br />AGENDA ITEM 3 <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 11/13/00 <br />TOPIC: Public Hearing on the proposed business subsidy to <br />North American Composites <br />Vote Required: Simple Majority <br />BACKGROUND: <br />North American Composites, a subsidiary of Interplastic Corporation, has <br />requested tax increment financing (TIF) assistance in the amount of $122,250 <br />for the purpose of constructing a 25,000 square foot distribution facility in the <br />Apollo Business Center. North American Composites is a national distributor of <br />polyester resins, fiberglass, and related products to the composites industry. The <br />local distributor will employ 21 at this new facility, including management, <br />warehouse, drivers, office and sales positions. The company has committed to <br />hiring at least three new employees within two years at no less than $25,000 <br />annual salary, plus benefits. <br />A public hearing is required by statute when the EDA is considering granting a <br />subsidy that exceeds $100,000. <br />OPTIONS: <br />1. Open the public hearing <br />2. Continue the public hearing <br />RECOMMENDATION: <br />Option 1 <br />