Monday, October 24, 2016

Council OKs revised resolution for Lakeshore incentives

Grading began Wednesday on the site, next to the American Howa auto-parts plant nearing completion.
The Midway City Council held a special meeting this afternoon to pass a revised resolution for incentives needed to bring the Lakeshore Learning Materials distribution center and its 262 jobs to Midway Station.

The changes correct a corporate name and the mechanics of the financing, Mayor Grayson Vandegrift told the council. He said the state will give the city the proceeds of a $1.35 million economic-development grant, and the city will then give the money to Lakeshore.

The resolution also confirms that the city will pay Lakeshore $450,000 in five annual installments as an additional incentive. Both incentives are to help cover most of the cost of a $2.8 million natural-gas line to serve the plant. The city will get much more than that in payroll taxes from the plant, even though the tax rate will be reduced by 25 percent for 10 years after employment reaches 262.

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