Nov. 1st City Council Meeting

City Council Meeting
November 1, 2011

· There was a Yellow Ribbon Proclamation from the Governor
· Main topic of the meeting was the issue of Chart Industries moving into the Slidell building.

Authorization of JOBZ benefits – approved

Dependent on the creation of 100 new jobs (must be maintained)
· Property Tax exemption till 2015
· Some sales tax incentives
· Income tax incentives

Economic Development Program and Project Funding

$500,000 loan ($5,000 per job)

Forgivable loan if the jobs are maintained

Amendment to Indenture and Agreement related to Replacement Industrial Development Revenue Bonds

Existing bonds of $4M to be taken over by Chart
· Paid only on revenue generation
· There were a series of proposed assessments for the 2011 improvements

Discussion was brought up about the term of
these assessments

The length of the term would vary, but the
interest rate was set at 7%. The council
members agreed to the terms at this point, but wanted to have the city to look
into adjusting the interest rate. Ray
Truelson brought up that the interest rate was too high seeing as one could
borrow money today at a much cheaper rate.
· Approval of Licenses and permits and other misc.
actions.