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<br /> <br />Item 5.1. <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and City Council <br />FROM: Catherine Mehelich, Director of Economic Developmen~ <br /> <br />DATE: November 21, 2005 <br /> <br />SUBJECT: Public Hearing - Consider Resolution Authorizing Execution of <br />a Tax Abatement and Business Subsidy Agreement with Quality <br />Label, Inc. <br /> <br />Attachments <br />· Staff Report dated November 14,2005 Regarding EDA Recommendation <br />· Public Hearing Notice <br />· Resolution Approving Property Tax Abatement & Business Subsidy Agreement <br />· DRAFT Tax Abatement and Business Subsidy Agreement <br /> <br />Issue <br />A request for property tax abatement/tax rebate fInancing has been made by Quality Label, <br />Inc. for their proposed industrial development. The attached staff report describes the <br />proposed project, tax abatement request and analysis that were reviewed by the EDA on <br />November 14th. The EDA is recommending the Council's approval of the tax abatement <br />and business subsidy for the project. <br /> <br />State statute requires local government agencies to hold a public hearing to receive comment <br />on the proposed tax abatement and business subsidy. <br /> <br />Requested Action <br />Following the public hearing, staff recommends the Council approve the attached <br />Resolution Authorizing Execution of a Tax Abatement and Business Subsidy Agreement <br />with Quality Label, Inc. <br />