Resolution 08-17

In accordance with state law, this resolution authorizes that Three Hundred and Fifty Thousand Dollars ($350,000) be expended from the Industrial Development Fund (“IDF”) to reimburse the IEC, LLC (Developer) for certain site improvements it makes within the Thomson Community Revitalization Enhancement District (CRED). The Developer is making these improvements to facilitate the growth of life sciences sector companies in the City and has arranged for Predictive Physiology & Medicine, Inc. to be the first tenant in its future Life Sciences Business Graduation Facility. The resolution also authorizes the City to enter into an economic development financing agreement with the Developer to include the terms and conditions of the payment and clawback provisions. The IDF supports industrial development and expansion within CRED Districts that serve the City of Bloomington.