City Council Economic Development Agenda Items

Tuesday March 25, 2008 6:15 pm - All items were approved by unanimous vote

1. Creation of a new facade improvement program for the area between the Warehouse and Eagle View TIF along Washington, Adams, and Jefferson. The program would provide assistance for businesses to improve their facade, with a 50/50 city match of private investment up to a maximum of $20,000 for the City.

2. Approval of a facade improvement grant to USF of $20,000 as a match for a USF investment of $120,000 in facade improvements.

3. Reservation of $9,614,095 of City Bond Cap to support future city programs. Reservation of the cap retains the use of these funds for City economic development programs such as Industrial Revenue Bonds to support industrial expansion, or to reduce mortgage rates for first time home buyers in the city.

4. Entering into a TIF Agreement in the Eagle View TIF with Westmont Interior Supply House, providing the company with a TIF incentive equal to 50% of the new additional property tax to be paid on the additional assessed valuation of the property. This is the 7th TIF agreement to be approved in the two new TIF Districts.