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EDA adopts resolution to call Sept. 15 public hearing on TIF-backed business subsidy for EDCO Products
Summary
The Chaska Economic Development Authority voted to adopt a resolution calling a Sept. 15 public hearing on tax-increment financing assistance and a business-subsidy agreement for EDCO Products, Inc., a step staff described as required before construction can proceed.
The Chaska Economic Development Authority on Aug. 4 adopted a resolution calling a public hearing for Sept. 15 on proposed tax-increment financing assistance and a business-subsidy agreement for EDCO Products, Inc. The action advances a planned financing step the EDA said is needed before the company can start construction.
A city staff member told the EDA that this resolution is "another step in the process" of establishing the tax-increment financing assistance and the business-subsidy agreement under the city's policy for TIF-supported projects. The staff member said the public hearing date would be Sept. 15 and described the resolution as the formal action to set that hearing.
Commissioner Hatfield moved to adopt the resolution calling the hearing; Commissioner Grama seconded the motion. The EDA chair called for the vote and the motion carried by voice.
Staff said the current action follows an earlier letter-of-intent the EDA approved so EDCO could finish its financing. The upcoming public hearing will give residents a formal opportunity to comment on the proposed TIF district and business-subsidy agreement before any final EDA or council approvals are considered.
