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Council approves EDC performance agreement to expand Cardinal Paint facility in Decatur
Summary
The Decatur Economic Development Corporation and Cardinal Paint reached a five-year performance agreement authorizing up to $280,000 in performance-based reimbursement tied to a minimum $3 million capital investment and job and payroll commitments; council approved the EDC-authorized agreement.
The City Council approved a performance agreement authorized by the Decatur Economic Development Corporation (EDC) to support an expansion of Cardinal Paint & Powder at Eagles Landing Business Park.
The agreement, approved after a presentation from Kevin Holzbaugh of the EDC and comments from company chairman Steve Silverstein, ties reimbursement to performance: Cardinal must make a minimum $3,000,000 capital expenditure at the site, obtain certificate(s) of occupancy, and within six months of commencing operations employ and maintain at least 100 full‑time employees and $3,300,000 in annual payroll at the facility.
The EDC’s financial assistance is…
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