Laserfiche WebLink
Staff has reviewed the TIF Agreement drafted by TAFT Law and the TIF Plan Drafted by Ehlers and they include <br />the 360K of Pay -go TIF Assistance, the requirement to create 55 new jobs onsite with wages of at least <br />$21.00/hr., a requirement to operate onsite for 5 years and to construct at least a 55,000 Square Foot <br />Manufacturing Expansion. Public Notices have been sent to ECM for publishing as required by State Statute <br />The 350K MIF Award is a partially forgivable loan. The City will enter into a 50K loan agreement with Zero <br />Zone Refrigeration with the payments seeding the City Revolving Loan Program. 300K of the loan will be <br />forgiven as long as project is completed and job creation goals are met. <br />The 450K JCF Award is broke down as follows (225K Cap Ex Refund, 225K Payment for Job Creation) <br />Alternatives Include: <br />1) Motion to recommend to the City Council approval of TIF Agreement, TIF Plan and TIF Business Subsidy for <br />Zero Zone Refrigeration; subject to City Bond Attorney Review (as presented) <br />2) Motion to recommend to the City Council approval of TIF Agreement, TIF Plan and TIF Business <br />Subsidy for Zero Zone Refrigeration; subject to City Bond Attorney Review (with changes) <br />3) Something Else <br />And; <br />1) Motion to recommend to the City Council to accept the MIF (350K) and JCF (450K) awards and to <br />enter into required contracts to accept these funds and to authorize 50K MIF loan; subject to City Bond <br />Attorney Review (as presented) <br />2) Motion to recommend to the City Council to accept the MIF (350K) and JCF (450K) awards and to <br />enter into required contracts to accept these funds and to authorize 50K MIF loan; subject to City Bond <br />Attorney Review (with changes) <br />3) Something Else <br />Funding Source: <br />The $5000 Application Fee received will be used to pay for a portion of financial analysis and drafting of TIF <br />Documents; the rest of the administrative fees will be paid from the newly created TIF District No. 19. The TIF <br />Financial Assistance of $360,000 plus 6% interest will be funded through property taxes paid by Zero Zone that is <br />captured by the newly created TIF District. <br />Recommendation: <br />Staff recommends the following motions: <br />1) Motion to recommend to the City Council approval of TIF Agreement, TIF Plan and TIF Business <br />Subsidy for Zero Zone Refrigeration, LLC; subject to City Bond Attorney Review (as presented) <br />And; <br />2) Motion to recommend to the City Council to accept the MIF (350K) and JCF (450K) awards and to <br />enter into required contracts to accept these funds and to authorize 50K MIF loan with Zero Zone <br />Refrigeration, LLC; subject to City Bond Attorney Review (as presented) <br />Outcome/Action: <br />