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IDC increases economic development accrual to $250,000 and asks staff to craft guidelines for business incentives
Summary
After a lengthy discussion about business incentives, primary-job criteria and infrastructure needs, the Industrial Development Corporation voted to raise the annual accrual for business incentive grants to $250,000 and asked staff to prepare policy and program guidelines within a proposed timeline.
The Industrial Development Corporation on Monday agreed to increase the annual accrual for a business-incentive program to $250,000 and directed staff to draft policy and program guidelines that would govern how those funds are administered.
Michelle (staff member) said the proposed program would be one tool in a broader economic-development toolbox that includes performance-based development agreements. Staff noted the program’s history dating to 2013, and…
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