Howard County officials have reached an agreement on the criteria for providing grants or low-interest loans to businesses seeking to locate in Kokomo.
The grant program is expected to be extended to all of Howard County in the future.
The county is considering three requests for Economic Development Income Tax revenues from businesses seeking to locate in downtown Kokomo. Each of the three businesses is requesting a grant of $5,000.
Commissioner Tyler Moore said he has concerns about the criteria for receiving a grant or loan from the county.
Moore’s concern is the criteria being considered limits the distribution of funding to the downtown Kokomo area.
“This is county money,” he said. “There should be some consideration for businesses looking at other Howard County communities.”
The criteria is being created by a committee consisting of commissioner Dave Trine and council members Les Ellison, James Papacek and Paul Wyman.
Papacek said Friday the committee has finalized the criteria and the initial three loans have been approved.
“This is an on-going work as we redefine everything,” he said.
Papacek said currently the grants are for the downtown Kokomo area but believes it will be changed.
“My thinking is we should open it to any business in Howard County,” he said. “This is a starting point, my hope is that it will be changed shortly to cover all of the county.”
During the 2010 budgets hearings in September, the commissioners sought $100,000 in EDIT funds to help companies locate in downtown Kokomo. That request was denied by the Howard County Council, which wanted the funds distributed on a case-by-case basis.
Moore said the interested businesses are required to submit an application that would include a business plan, projected cash flow, experience, financial data and the numbers of jobs it would create.
That committee wants the $5,000 to be used for rent payments to be paid out over 12 months.
During Monday’s commissioners meeting, Trine said he preferred the $5,000 be used for operating expenses and not be dedicated to making rent payments.
Papacek said the committee decided the first $5,000 will be used as a rent abatement funded over 12 months. He said the county will issue a check monthly payable to the business owner and landlord.
“It assures the landlord that the rent will be paid for the first year,” he said. “In case the business doesn’t make it for a year, the county will not have provided the entire $5,000.”
• Ken de la Bastide is the Kokomo Tribune enterprise editor. He can be reached at 765-454-8580 or via e-mail at ken.delabastide@kokomotribune.com
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