Council Action Requested:
Council is being asked to approve the Inducement Resolution for Project Lathe, which (1) provides Special Source Revenue Credits with respect to the Project and, (2) includes the location of the Project in a Multi-County Park established pursuant to the Multi-County Park (MCP) Act.
This project has a companion Ordinance which is Ordinance number 2023-1878.
Points to Consider:
The Project is expected to result in the aggregate investment in real and personal property of at least approximately $2,500,000. The associated FILOT Agreement will be for 20 years and a 50% Special Source Revenue Credit (SSRC) for 5 years is included.
Funding and Liability Factors:
The funding and liability factors are detailed in the FILOT-Special Source Credit Agreement attached to Ordinance 2023-1878.
Recommendation:
Approve the Inducement Resolution.