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Trust approves economic development agreement for Project School with incentive cap of $91,728
Summary
The Trust approved an economic development agreement with I Heartbrook LLC for a proposed feature film project called Project School; the incentive is capped at $91,728 per the agreement presented to trustees.
At the June 17 meeting, staff presented an economic development agreement (EDA) between the Trust and I Heartbrook LLC for a proposed feature film project referred to as Project School. The trustees voted to approve the EDA.
A city presenter noted this action was the standard papering-up of a previously approved project: "This is just the EDA. . . . The incentive will not exceed $91,728," the presenter said, and added that the project previously received approval from the Trust and city council in fall 2024.
The transcript indicates the EDA documents the incentive cap and memorializes prior approvals; trustees moved, seconded and passed the item without recorded roll-call tallies in the public transcript.
No additional contractual details, schedules or performance conditions were discussed in the recorded presentation. Staff indicated the EDA formalizes earlier approvals and does not increase the stated incentive cap.
