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Community and Economic Development <br /> October 23, 2000 <br /> Page 4 <br /> Jon R. Hunt, Executive Director of Community & Economic Development noted that the <br /> City would own the building and lease it to Bosch for $ 1.00 per year. If Bosch leaves the <br /> community there would be a penalty;and there would also be a penalty if employment drops below <br /> a five-year average. There would also be a credit program in place to reward additional job <br /> creations. There are currently 470 jobs including those in New Carlisle. The four (4) million <br /> dollar loan breaks down as follows: $ 1 million from the State of Indiana;$ 1 million grant; <br /> $ 500,000 from the Business Revolving Loan Fund; $ 500,000 Redevelopment loan; and $ 1 <br /> million from the County. He noted that the State of Michigan was competing for Bosch and that <br /> this type of competition will continue. <br /> Citizen Member Jean Troutman-Poole inquired into the"claw-back"provisions. Mr. Hunt <br /> stated that the current level of employment plus a five-year average would be used, thus a rolling <br /> average would result. There must be 536 jobs before a credit would be created. <br /> Dr. Varner requested a Memorandum from the Department of Community & Economic <br /> Development on the Bosch project which Mr. Hunt agreed to provide. <br /> Following discussion, Dr. Varner made a motion, seconded by Council Member Ujdak, <br /> that Bill No. 95-00 be recommended favorably to Council. The motion passed. <br /> There being no further business to come before the Committee, the meeting was adjourned <br /> by Council Member Kelly at 4:55 p.m. <br /> Respectfully submitted, <br /> Council Member Roland Kelly, Chairperson <br /> Community and Economic Development Committee <br /> KCF:kmf <br /> Attachments <br />