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Committee to forward developer agreement enabling WEDC match grant for Eugene Hotel to council
Summary
Staff said the City of Monroe would act as a pass-through for a WEDC match grant for the Eugene Hotel so the developer can receive up to $250,000 in matching funds; the committee voted unanimously to send the developer agreement to council.
Administrator Wendy explained the proposed developer agreement with Soca Properties LLC is needed so the City of Monroe can act as the pass-through for a WEDC match grant tied to the Eugene Hotel project.
Wendy said the city would not be financially responsible for the grant and that the process mirrors prior pass-through arrangements. She said the developer could receive up to $250,000 in matching funds after work is completed and invoices are submitted to the state for reimbursement. Committee members asked to see the draft agreement; staff said the draft had just been prepared and they would attempt to provide the document before it goes to council.
A motion to forward the developer agreement to common council was made and seconded; the committee voted unanimously to send the item to council for final approval and execution.
