Resolution 09-15

In accordance with state law, this resolution authorizes a five-year payment schedule to be expended from the Industrial Development Fund (“IDF”) to Envisage Technologies, Inc. (Developer) to assist with the high technology company’s relocation and expansion in the Downtown Community Revitalization Enhancement District (“CRED”). The annual reimbursements will be a scheduled portion of the state income tax withholdings paid by the Developer’s employees. 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 annual payments. The IDF supports industrial development and expansion within CRED that serve the City of Bloomington. The resolution also authorizes the City of Bloomington to agree to forego from deposit into the IDF the remainder of state income tax withholdings which are to be utilized by the State of Indiana to provide the Developer with a 10-year Economic Development for a Growing Economy tax credit. Note: This resolution was revised after it was released in the Council Legislative Packet and before it was introduced at the Regular Session of the Council. The revision corrected