Agenda - Council - 10/14/2025 - Laserfiche WebLink

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Staff has reviewed the TIF Agreement drafted by TAFT Law and the TIF Plan Drafted by Ehlers and they include the 360K of Pay -go TIF Assistance, the requirement to create 55 new jobs onsite with wages of at least $21.00/hr., a requirement to operate onsite for 5 years and to construct at least a 55,000 Square Foot Manufacturing Expansion. Public Notice has been sent to ECM for publishing as required by State Statute. The 350K MIF Award is a partially forgivable loan. The City will enter into a 50K loan agreement with Zero Zone Refrigeration with the payments seeding the City Revolving Loan Program. 300K of the loan will be forgiven as long as project is completed and job creation goals are met. The 450K JCF Award is broken down as follows (225K Cap Ex Refund, 225K Payment for Job Creation). The City has received a copy of the JCF Award and it is attached to this case for reference. Alternatives Include: 1) Motion to Adopt Resolution #25-240 Approving the Modification to the Development Program for Development District No. 1 and Establishing Tax Increment Financing District No.19 (Zero Zone); within Development District No.1 and Approving the Tax Increment Financing Plan Therefor; Approving a Development Agreement and Business Subsidy; and Authorizing an Interfund Loan ; subject to City Bond Attorney Review (as presented) 2) Motion to Adopt Resolution #25-240 Approving the Modification to the Development Program for Development District No. 1 and Establishing Tax Increment Financing District No.19 (Zero Zone); within Development District No.1 and Approving the Tax Increment Financing Plan Therefor; Approving a Development Agreement and Business Subsidy; and Authorizing an Interfund Loan ; subject to City Bond Attorney Review (with changes) 3) Something Else Funding Source: The $5000 Application Fee received will be used to pay for a portion of financial analysis and drafting of TIF Documents; the rest of the administrative fees will be paid from the newly created TIF District No. 19 via the Interfund Loan identified in Resolution #25-240. The TIF Financial Assistance of $360,000 plus 6% interest will be funded through property taxes paid by Zero Zone that is captured by the newly created TIF District. Recommendation: Staff recommends the following motion: 1) Motion Adopt Resolution #25-240 Approving the Modification to the Development Program for Development District No. 1 and Establishing Tax Increment Financing District No.19 (Zero Zone); within Development District No.1 and Approving the Tax Increment Financing Plan Therefor; Approving a Development Agreement and Business Subsidy; and Authorizing an Interfund Loan ; subject to City Bond Attorney Review (as presented) Outcome/Action: 1) Motion to Adopt Resolution #25-240 Approving the Modification to the Development Program for Development District No. 1 and Establishing Tax Increment Financing District No.19 (Zero Zone); within Development District No.1 and Approving the Tax Increment Financing Plan Therefor; Approving a Development Agreement and Business Subsidy; and Authorizing an Interfund Loan ; subject to City Bond Attorney Review (as presented)