Title
Consider a resolution authorizing the Mayor to execute a Chapter 380 Economic Development Program Agreement with Hubbell Lighting, Inc.
Body
The Agreement 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.
The agreement will terminate on the date the EIP is made and does include claw backs, should Hubbell not fulfill their obligations.