Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Committee shortens rev‑grant term, corrects JSEB amount; OED says project could create 100+ jobs in distressed area
Summary
An economic development agreement was corrected to a five‑year rev grant with a $55,000 JSEB amount and retention requirements; OED said the project is in a highly distressed area and could generate more than 100 jobs. The committee approved the amended agreement 7‑0.
The Rules Committee approved an amended economic development agreement that corrects the rev‑grant term to five years, revises the economic development agreement on file, and adjusts the JSEB amount and job requirements.
Council staff said the amendment corrects drafting errors: the rev‑grant term should be five years (not 10), with the final year of the agreement set in 2033; the JSEB amount was corrected to $55,000 and minimum wage and retained job provisions were placed into the default provisions. "We'll revise the term of the rev grant to 5 years...correct the JSEB amount to $55,000...and include the minimum number of retained jobs," staff said.
Ed Randolph of the Office of Economic Development said the project is sited in a highly distressed neighborhood with unemployment near 13% and median household income under $40,000. He estimated the project could bring more than 100 jobs and described the office's practice of coordinating with employers and council members on local hiring and job fairs.
The committee opened the ballot and recorded 7 yeas, 0 nays; the item (listed in committee as 20206367) was approved as amended.
