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Marion council approves development agreement for ESCO Electric with TIF incentives
Summary
The City Council approved a 12-year development agreement with ESCO Electric for a new office and prefabrication/warehouse at 6260 North Gateway Drive, authorizing annual tax-increment financing payments with incentives capped at $2.5 million and a minimum assessment of $7.6 million.
Marion City Council approved a development agreement with ESCO Electric Company on Nov. 20 to support construction of a new office, prefabrication and logistics warehouse at 6260 North Gateway Drive in the Marion Enterprise Center. Finance staff said construction is slated to be completed by Dec. 31, 2026, and the city will offer a 12-year, 100% tax-increment financing (TIF) rebate not to exceed $2,500,000; the developer agreed to a minimum assessed value of $7,600,000 for the term of the agreement.
The measure was presented by Leanne, Finance staff, who described the project and the incentive structure. The council opened a public hearing; no one spoke and no written comments were received. Mayor Pro Tem moved approval of resolution 32644, which authorizes annual appropriation TIF payments and pledges certain TIF revenues to pay the agreement; the motion was seconded and approved by voice vote. During council discussion, a member confirmed ESCO will keep offices contiguous to Tower Terrace.
The approval allows the city to enter into the development agreement and begin the contractual steps to provide the pledged TIF revenues subject to the terms in the resolution. The public hearing record shows no public opposition or written comments.
Next steps: staff will finalize the agreement documents and proceed with the implementation steps required by the resolution.
