Title
Consider a resolution authorizing the Mayor to execute a Chapter 380 Economic Development Program Agreement with BGE, Inc.
Body
This agreement is between the City and BGE, Inc. and requires BGE to expend at least $1,925,000 in combined Real and Personal Property Improvements at 101 West Louis Henna Blvd. In addition, they must, employ at least 80 full time employees with an average salary of $80,000 per year with benefits. In consideration for BGE meeting their obligations of the agreement, the City will issue economic incentive payments (EIPs) in the following amounts and years:
2020 $50,000
2021 $25,000
2022 $25,000
The agreement will terminate on December 31, 2026 and does include claw backs, should BGE not fulfill their obligations.