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ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. 08-62 <br /> May 8, 2008 <br /> TO: Mayor Paul Osborne and City Council Members <br /> FROM: John A. Smith, Interim City Manager <br /> Greg Crowe, Assistant City Manager of Economic and Urban Developme <br /> Vickie Buckingham, Assistant Dir. of Economic and Urban Development <br /> SUBJECT: Economic Development Agreement i <br /> RECOMMENDATION: Allocation of up to $100,000 in Economic Development I <br /> CDBG funds for business retention. I <br /> BACKGROUND: This financial facility, at 1501 E. Eldorado, provides services to <br /> customers located in a low/mod neighborhood. Many of these positions are entry <br /> permanent positions. We believe retention of this facility is an improvement established <br /> business to the neighborhood. The goal is to retain jobs and avoid the abandonment of <br /> another building in this area. The facility employees at least 25 employees. This facility <br /> is the operations facility which houses the technology area, accounting area, and Human <br /> Resource Department. The facility operates 24 hours a day. <br /> Due to various activities over the last years, security far the employees and the customer <br /> are priority. In April 2007, a horrific robbery occurred at this location. The financial <br /> institution wishes to improve the security and fa�ade. The institution has already spent <br /> several hundred thousand dollars in the improvement of the interior of the facility. <br /> Additional upgrades could include fa�ade treatments, additional lighting, security <br /> cameras, landscaping and fencing. <br /> The bank has indicated if they are unable to secure assistance, they intend to give serious <br /> consideration to moving the operations center to another location either in or outside of <br /> Decatur. The business has experienced difficulty in hiring and staffing because of <br /> security concerns. The business will be required to file annual reports regarding jobs. <br /> POTENTIAL OBJECTIONS: Staff is not aware of objections. <br /> INPUT FROM OTHER SOURCES: None <br /> STAFF REFERENCE: Should the City Council have any questions, they may contact <br /> Vickie Buckingham, Assistant Director of Economic and Urban Development at 424- <br /> 2777 or e-mail v�bLickin�hal��!u:.dec�aluril.��. <br /> BUDGET/TIME IMPLICATIONS: None <br />