Fiscal Note
Please see attached fiscal note.
Title
Authorizing the City to apply for a State DOT Transportation Facilities Economic Assistance Grant and authorizing the Mayor and City Clerk to execute a Transportation Economic Assistance Jobs Guarantee with the State DOT and to execute a Project Agreement with Covance Laboratories, Inc. for a transportation infrastructure project on Pearson, Pierstorff and Wright Streets.
Body
WHEREAS, Covance Laboratories, Inc., a Delaware corporation (Covance) desires to expand and improve its toxicology facility located at 5301 Kinsman Boulevard (the Project); and
WHEREAS, certain transportation infrastructure improvements, including road, storm sewer and sidewalk improvements will be required to support the Project; and
WHEREAS, in order to fund a portion of the transportation infrastructure improvements, the City shall apply to the State of Wisconsin Department of Transportation (DOT), through its Transportation Facilities Economic Assistance and Development Program (TEA) for a grant in an amount not to exceed $900,376 (TEA Grant); and
WHEREAS, the portion of transportation infrastructure improvements not financed by DOT will be paid for by the City and Covance and other benefited property owners through special assessments, determined in accordance with the City's special assessment policy; and
WHEREAS, in order to ensure that the TEA grant benefiting Covance is in the public interest and is an effective economic tool, DOT requires that the City enter into a Transportation Economic Assistance Jobs Guarantee Agreement in which the City will be obligated to reimburse DOT for up to the full amount of the TEA Grant if either of the following occurs:
(a) Covance fails to retain 125 existing jobs and create 181 jobs at the Project site within three years of the date the grant agreement between DOT and Covance is executed; or
(b) Covance fails to retain 306 jobs at the Project site seven years after the agreement bet...
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