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Anna EDC adopts updated incentive policy and application packet to standardize requests
Summary
The Anna EDC approved a revised economic development incentive policy and a new application packet that requires business plans, site plans, financials and owner documentation; staff said there is no fixed minimum and each request will be evaluated case by case.
The Anna Economic Development Corporation voted Feb. 5 to adopt an updated incentive policy and a new application packet designed to standardize requests for incentives and preserve institutional records of prior deals.
Natasha Roach, who presented the packet to the board, said the application lists required materials such as proof of ownership, a business plan, site and expansion plans, three years of business financial statements, personal financial statements or tax returns for owners with 20% or greater ownership, proof of business insurance and proof of funding sources. "If we're gonna do business together and we're gonna incentivize you and give you money, I really wanna make sure that my investment is good," Roach said.
Roach told members the policy update followed recent strategic-plan changes and aims to create cohesion between the EDC's expectations and its offers. She said the packet will be sent to prospective applicants and that requests will be evaluated on a case-by-case basis; there is no single minimum financial threshold in the document. She additionally said incomplete applications will be asked to provide missing information and that some requests will require follow-up performance agreements that are monitored annually.
Board members asked how staff will handle incomplete applications and whether discussions about applications would be public. Roach said any substantive discussions about applications will not occur in public and will be handled in closed session when appropriate. After brief discussion and a motion to approve, the board adopted the updated policy and application by voice vote.
The adoption is intended to provide staff and future boards consistent documentation of prior incentive decisions and to allow performance-based enforcement of incentive agreements.
