02-20-1997 - Laserfiche WebLink

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A draft of the final recommendation will be available for EDC review prior to the presentation to the EDA. 5. EDC BUSINESS A. Consideration of Tax Increment Assistance Request Dir of ED Bennett described the request for $150,000 of tax increment funds to enable the building of a 25,000 sq.ft. office/warehouse facility for a local company called Zep Manufacturing. Bennett explained the staff analysis and reviewed the need for tax increment. Bennett explained the financial analysis and payback of TIF and would propose the recommendation of 50% of the increment for 6 years with a maximum payout of $150,000 net present value dollars. Motion/Second: Welsch/Carlson moved to approve the recommendation of 50% of the increment for 6 years up to $150,000 of tax increment assistance for Zep Manufacturing Motion Carried 4 ayes 0 nays B. Consideration of Tax Increment Policy and Deposit Agreement Vice Chair Carlson noted that the EDC has spent considerable time in putting together the TIF Policy and Deposit Agreement and that even though the Guidelines for evaluating a request are not complete that the Policy and Deposit Agreement should be considered for approval at this time. Motion/Second: Welsch/Goff moved to recommend the approval of the Tax Increment Policy and Deposit Agreement as presented and to direct staff to bring these items to the EDA for final approval. Motion Carried 4 ayes 0 nays C. Consideration of EDC Work Plan for 1997 Motion/Second: Goff/Carlson moved to table and bring to the next meeting for consideration due to a lack of time to review Motion Carried 4 ayes 0 nays 6. Reports From Chair, Commissioners and Staff: 7. Adjournment There being no further business before the Commission, this meeting of the Economic Development Commission adjourned at 9:10 a.m. Respectfully Submitted,