The Clear Lake City Council discussed at their regular meeting on Monday, Nov. 5., a proposal to approve an amendment to a Development Agreement with Titan Pro SCI, increasing annual appropriation tax increment payments to an amount not to exceed $1.1 million.
The City of Clear Lake originally entered into a Development Agreement with Titan Pro SCI on March 1, 2010. The Development Agreement provided for, among other things, a property tax rebate incentive in a cumulative amount not to exceed $800,000 over a period of 10 years. Prior to construction of Phase 2 of its building project on July 5, 2011, the City Council approved a Letter of Intent with the company that allowed for additional property tax rebate incentives.
Prior to Dec. 1, 2012, the City needs to take action to amend the existing development agreement to increase the amount of annual property tax rebates from a total of $800,000 to to a total of $1.1 million over the same 10-year period.
In order to amend the existing Development Agreement, the City is required to first publish notice of a public hearing and then conduct a public hearing on the matter. The public hearing will be held on Monday, Nov. 19, 2012. Following the hearing and consideration of the amendment, the Council would then consider a separate Resolution authorizing the annual appropriation property tax rebate payment for fiscal year 2014.
“Any time you can add a $4.2 million property to the tax rolls that is a great success story,” said Scott Flory, city administrator.
Titan Pro SCI, located at 1301 S. 24th St., is a seed, chemical and crop insurance company. The business employs approximately 30 people.
In other business, the City Council approved the contract and bonds for a new emergency diesel generator for the city hall/police department and also up - Read More Via e-Edition