Sponsor
Alderman Spangenberg
Title
Mayor and City Clerk be authorized to execute an agreement with Summit Packaging, Inc., to provide financial assistance for its relocation and expansion at 3441 S. Memorial Drive
Resolved, that the Mayor and City Clerk be authorized and directed to execute an agreement with Summit Packaging, Inc., to provide financial assistance for its relocation to and expansion at 3441 S. Memorial Drive.
Further resolved, that the agreement include a requirement that Summit Packaging give preference to City residents when filling open positions.
Further resolved, that the Mayor and City Clerk be authorized to execute amendment, assignment and assumption agreements concerning the use and maintenance of the railroad spur at 3441 S. Memorial Drive that was constructed by the City.
Fiscal Note: The proposed agreement would provide an annual payment to Summit Packaging over a ten year period if the residents hiring preference is complied with. The payment is calculated as 75% of the City real estate tax payment. The payment for 2011 is estimated to be $53,444. Payments would be made from the Intergovernmental Sewer Revenue Sharing (919) Account. Sufficient funds are available in that account.