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<br />September 28, 2005 <br /> <br />VI-13 <br /> <br />TO: <br /> <br />The Honorable Mayor & Council <br /> <br />FROM: <br /> <br />John Grossman, lIRA Director <br /> <br />RE: <br /> <br />Order Public Hearing for Business Subsidy <br /> <br />RECOMMENDED ACTION: Order a public hearing on the business subsidy in <br />the form of a land credit for Midwest Products Company at 7 p.m. at the Council <br />Meeting of October 17,2005. <br /> <br />A public hearing is required by statute when a city provides of business subsidy <br />valued over $100,000. Midwest Products proposes to build a manufacturing plant <br />in the Industrial Park, of20,000 sq.ft. at a cost of $880,000. To facilitate their <br />location in the industrial park, Midwest Products asks that the City Council <br />approve the transfer of 2.4 acres under the land credit program which defers the <br />land cost of$140,350 for five years. At the end of five years, construction and <br />payroll credits are expected to reduce the balance due. The land credit proposals <br />are subject to the City's program criteria and statutory requirements. <br /> <br />The purchase and development agreement, site and building plans are expected to <br />be submitted to the Council at the same meeting. This proposal has been reviewed <br />and approved by the Economic Development Commission. <br /> <br />H:\lPB\landaedit.orderhearing.doc <br />