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Council approves Odessa Development Corporation grant to Insulation Distributors for job creation
Summary
The council approved an Odessa Development Corporation recommendation to award Insulation Distributors, Inc. a job-creation grant of $174,432, paid in equal annual installments over five years, contingent on job creation and payroll commitments.
The Odessa Development Corporation (ODC) recommended, and the council approved, a job-creation grant to Insulation Distributors, Inc., a Minneapolis-based company moving operations to Odessa.
Tracy Jones of the Odessa Chamber and ODC told the council that the company will purchase a building at 850 W. University, invest approximately $1,000,000 in building renovations and create four full-time-equivalent positions at an annual payroll of about $500,000. The ODC board unanimously approved the grant and recommended that council ratify the agreement.
Council approved the recommended job-creation grant of $174,432, to be paid in equal annual installments of $34,886.40 over five years, contingent on the company meeting the job and payroll conditions in the performance agreement. The grant will be paid from ODC funds as authorized in the performance agreement; staff said the company must remain in compliance each year to receive payment.
Council vote: motion to approve the ODC's recommendation passed unanimously.
The performance agreement will include documentation and annual verification requirements; city staff will monitor compliance and withhold payments if the company fails to meet the milestones.
