Laserfiche WebLink
5. EDC BUSINESS <br /> A. Consideration of Tax Increment Assistance Request <br /> Dir of ED Bennett described the request for $150,000 of tax increment funds to enable the (1,1116) <br /> building of a 25,000 sq.ft. office/warehouse facility for a local company called Zep <br /> Manufacturing. Bennett explained the staff analysis and reviewed the need for tax incre.men4, <br /> Bennett explained the financial analysis and payback of TIF and would propose the <br /> recommendation of 50% of the increment for 6 years with a maximum payout of$150,000 net <br /> present value dollars. <br /> Motion/Second: Welsch/Carlson moved to approve the recommendation of 50% of the increment for 6 <br /> years up to $150,000 of tax increment assistance for Zep Manufacturing <br /> Motion Carried 4 ayes 0 nays <br /> B. Consideration of Tax Increment Policy and Deposit Agreement <br /> Vice Chair Carlson noted that the EDC has spent considerable time in putting together the TIF <br /> Policy and Deposit Agreement and that even though the Guidelines for evai ch - <br /> not complete that the Policy and Deposit Agreement should be considered for approval at thi; <br /> time. <br /> Motion/Second: Welsch/Goff moved to recommend the approval of the Tax Increment F. <br /> Deposit Agreement as presented and to direct staff to bring these items to the EDA for final approval. <br /> Motion Carried 4 ayes 0 nays /dr- <br /> AliC. Consideration of EDC Work Plan for 1997 /) <br /> Motion/Second: Goff/Carlson moved to table and bring to the next meeting for cos - n.exa m. <br /> lack of time to review <br /> Motion Carried 4 ayes 0 nays <br /> 6. Reports From Chair, Commissioners and Staff: <br /> 7. Adjournment <br /> There being no further business before the Commission, this meeting of the Economic Developrnerdt <br /> Commission adjourned at 9:10 a.m. <br /> Respectfully Submitted, <br /> Director • 'conomic Development • <br /> 4111 <br />