Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council takes first reading on $750,000 TIF forgivable loan for Willoughby Industries relocation
Summary
The council heard a first reading of Ordinance 26-03 proposing a $750,000 forgivable loan from TIF dollars to incentivize Willoughby Industries to relocate operations to Northwest Tech Park; the ordinance will go back for second reading after redevelopment and economic-development commission actions.
Boone County held a first reading of Ordinance 26-03 on July 14, which would authorize a $750,000 forgivable loan using tax-increment financing (TIF) to support Willoughby Industries' relocation to the Northwest Tech Park and renovations to the purchased building.
A county presenter explained the incentive would be TIF-only and forgivable if the company meets agreed hiring and investment metrics; the loan would be paid over three years at $250,000 per year and is meant to support relocation of an Indianapolis facility and some light manufacturing and assembly in the county's 96th Street TIF area.
The item was introduced for first reading; staff said the redevelopment commission and economic-development commission will consider the resolution and hold a public hearing (Economic Development Commission public hearing scheduled for July 24). The ordinance will return to the council for second reading and any vote required by statute.
Because this was a first reading, the council took no final action and will consider the ordinance at a future meeting after required RDC and EDC steps.
