Ricine Banner
File #: 0222-22    Version: A Name: Subject: Communication sponsored by Mayor Mason seeking approval to enter into a tax increment financing agreement with Summit Packaging, LLC, regarding a manufacturing plant expansion at 3441 S. Memorial Drive. Recommendation of Staff: That the reque
Type: Communication Status: Passed
File created: 4/6/2022 In control: Finance and Personnel Committee
On agenda: Final action: 4/18/2022
Title: Subject: Communication sponsored by Mayor Mason seeking approval to enter into a tax increment financing agreement with Summit Packaging, LLC, regarding a manufacturing plant expansion at 3441 S. Memorial Drive. Recommendation of the Finance and Personnel Committee on 4-11-2022: That the request to enter into a tax increment financing agreement with Summit Packaging, LLC, regarding a manufacturing plant expansion at 3441 S. Memorial Drive be approved and that the Mayor and City Clerk be authorized and directed to execute the agreement, and such related documents necessary to carry the agreement into effect, on the City’s behalf. Fiscal Note: The City expects to pay Summit Packaging approximately $346,700 in estimated “pay as you go” development incentive payments over ten years. Other administrative costs incurred to manage TID #29 may be reimbursed by the increment generated by TID #29 as it becomes available.
Attachments: 1. ABM- Summit TID Assistance.pdf, 2. #0222-22 Resolution

Title

Subject: Communication sponsored by Mayor Mason seeking approval to enter into a tax increment financing agreement with Summit Packaging, LLC, regarding a manufacturing plant expansion at 3441 S. Memorial Drive. 

 

Recommendation of the Finance and Personnel Committee on 4-11-2022: That the request to enter into a tax increment financing agreement with Summit Packaging, LLC, regarding a manufacturing plant expansion at 3441 S. Memorial Drive be approved and that the Mayor and City Clerk be authorized and directed to execute the agreement, and such related documents necessary to carry the agreement into effect, on the City’s behalf.

 

Fiscal Note: The City expects to pay Summit Packaging approximately $346,700 in estimated “pay as you go” development incentive payments over ten years. Other administrative costs incurred to manage TID #29 may be reimbursed by the increment generated by TID #29 as it becomes available.