Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
LaSalle council approves second amendment to TIF agreement with Inman Electric Motors
Summary
The LaSalle City Council adopted an ordinance authorizing a second amendment to the city’s tax‑increment financing redevelopment agreement with Inman Electric Motors, a move councilmembers said will support a local business expansion.
The LaSalle City Council voted to adopt an ordinance authorizing a second amendment to the city’s tax‑increment financing (TIF) redevelopment agreement with Inman Electric Motors, Inc.
Council members said the amendment is intended to support a local business expanding its facilities and capacity. "This is a great thing for the community as well as the business itself," said Kirk, who spoke in favor of the agreement, adding the council appreciates investments that allow existing businesses to grow.
The ordinance was presented as new business and each alderman was given a copy of the proposed amendment. Council members moved, took a roll call and the motion carried. The ordinance will authorize execution of the amendment by the city and LaSalle County and formalize the updated redevelopment terms with Inman Electric Motors.
Why it matters: the council framed the amendment as an economic development action designed to retain and expand a local employer, which council members described as beneficial for LaSalle’s tax base and community investment.
Next steps: the ordinance was approved during the meeting and the city's clerk/staff will complete the documented signatures and file the executed agreement as required by the redevelopment program.
