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• <br />• <br />AGENDA ITEM 7C <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 11/1300 <br />TOPIC: Consideration of Business Subsidy Agreement for <br />North American Composites <br />Vote Required: 3/5 <br />BACKGROUND: <br />Earlier this evening the Economic Development Authority held a public hearing <br />regarding a proposed $122,250 business subsidy in the form of Tax Increment <br />Financing to North American Composites, a subsidiary of Interplastic <br />Corporation, for the construction of a 25,000 square foot distribution facility in <br />the Apollo Business Center. State statute requires that a public entity —in this <br />case the EDA —must find that the granting of a subsidy meets the best interests <br />of the city, and a business subsidy agreement needs to be approved by both the <br />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 is a part of the development agreement, and specifies <br />the commitment the company is making regarding wages and jobs, plus the <br />annual reporting that is required. <br />OPTIONS: <br />1. Approve the business subsidy for North American Composites <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />