Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council to set meeting to consider TIF for Esco Electric at North Gateway Drive
Summary
City staff notified council it will set a date to consider a tax-increment financing agreement with Esco Electric Company for a new office and prefabrication/logistics warehouse at 6260 North Gateway Drive; the incentive described in the meeting was a 12-year, 100% rebate not to exceed $2,500,000 and a minimum assessment of $7,600,000.
City staff told the Marion City Council on Nov. 4 they will set a meeting date to consider a tax-increment financing (TIF) agreement with Esco Electric Company for construction of an office and a prefabrication/logistics warehouse at 6260 North Gateway Drive.
Speaker 12 said the incentive described for the proposed development is a 12‑year, 100% rebate with a not‑to‑exceed amount of $2,500,000 and that the developer agreed to a minimum assessment of $7,600,000. The construction completion date was read in the transcript as “12/31/1926”; the council discussion did not correct or clarify that date during the meeting.
No questions were raised at the time and staff will return with a meeting date to consider the TIF agreement.
Next steps: staff to schedule a council meeting to review and vote on the TIF agreement and to provide full agreement documents for council consideration.
