Title
Consider a resolution approving a Chapter 380 Economic Development Program for Hubbell Lighting, Inc.
Body
This agenda item is to approve an Economic Development Program for Hubbell Lighting, Inc.
It requires Hubbell Lighting, Inc to lease a facility in the City, expend at least $1,000,000 in improvements to the Facility, invest at least $650,000 in business personal property, and create at least 50 new jobs within 3 years with an average salary of $120,000.00 per year.
In consideration for Hubbell meeting the obligations of the agreement, an economic incentive payment (EIP) totaling $125,000.00 will be made forty-five days from the conclusion of Year 3.
A corresponding Chapter 380 Economic Development Program Agreement is also being considered on this agenda