“We could promote this to a specific audience,” Bargabos said.
A draft of the “new language” that is in a preliminary stage covers the general parameters of the IDA’s position in establishing a UTEP that will be adopted and recognized as the standard for future financial assistance of more than $100,000 to any county project.
The initial UTEP policy was adopted in 1995, re-adopted again in 1999 and is now pending re-adoption once again pursuant to a resolution that must be passed by the IDA board during 2009. Although the adoption of the 2009 UTEP is in its preliminary stage, IDA Executive Director Kipp Hicks opened the floor for discussion among the five board members in attendance and IDA chairman and town of Smithfield Supervisor Richard Bargabos.
Hicks said the board should “expect anticipated appropriations before county submission,” so that a public hearing could be held in conjunction with the board’s decision.
“We need to consider everyone that this will be affecting,” Hicks said.
Hicks explained that once a business or new construction is locked in to a UTEP they continue to exercise the use of their benefits. For example, a new-construction project could enjoy a zero percent applicable pilot percentage for the first five years with an increase over the next 15 years.
The possibilities to change the policy for new incentives and new-construction benefits could retain local graduates that grew up in the county.
The board agreed that graduates could grow their own business here, rather than relocating out of state.
Chairman Bargabos said that the policy could entail some new marketing to attract new businesses and new construction to the county.
“We could promote this to a specific audience,” Bargabos said.
The board agreed that marketing and revisions to the policy could be wasted if there isn’t a solid plan of action to publicize the benefits to the best-suited audience. Most of the discussion circled back to the idea that companies who specialize in renewable energy and agriculture would be the best fit for the county.
The land is not only good for these ideal businesses, but IDA Board member and town of Brookfield Supervisor John Salka said that there is a good tourism base for new residents to enjoy. For example, Salka said that the 130-plus horse trails in Brookfield could be an incentive for many purposes surrounding a company and their employees’ decision to branch out into the county.
IDA Executive Director Hicks said that agricultural businesses or farmers that are looking to expand could see a new policy as a great incentive to be in the county because of current projects already in motion. Currently, there is a 10-year exemption to support agricultural renovation which would benefit many more projects.
Chairman Bargabos said there would have to be some time to find the right person or company to publicize this policy if adopted and taken into action throughout the county.
Overall, Hicks said that the board wants to be in agreement with the county so that the policy is benefiting new and current residents. Once the UTEP is discussed further within the IDA Board and the state, the board will announce a public hearing for residents to see the possibility for economic development.
The board will hold their next meeting Oct. 15.
