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Council authorizes updated TID #8 development agreement with Modine in closed session
Summary
After a closed-session discussion, the council approved a resolution authorizing officials to execute an updated Tax Incremental District No. 8 development agreement with Modine Manufacturing Company for property at 3303 West Oakwood Road.
The Common Council entered closed session on Sept. 16 to discuss terms of a potential development agreement related to Tax Incremental District No. 8 and Modine Manufacturing Company (property at 3303 West Oakwood Road). After closed-session consideration, the council returned to open session and approved a resolution authorizing city officials to execute an updated development agreement with Modine.
City economic-development staff introduced the motion in closed session and the council voted in favor when it reconvened in open session. The motion authorized certain officials to execute the updated TID #8 agreement, intended to support commercial/industrial investment on the Modine site. No detailed development-terms were disclosed in open session at council direction; the resolution authorizes execution of the updated agreement as discussed in closed session.
