Within the past six months, Howard County officials have been approached about providing a portion of the start-up funds for three new businesses.
Now, officials are considering what steps it should take, including establishing guidelines and forming an advisory committee, to determine for how funds should be distributed.
During the 2010 budget hearings, the commissioners requested $100,000 be appropriated from the county’s share of Economic Development Income Tax revenues to assist businesses.
The Howard County Council removed the appropriation from the proposed budget, stating it would consider requests on a case-by-case basis.
Last August, the county provided $50,000 to bring Zuna Infotech to Kokomo. Those funds were directly tied to the number of jobs created. The city provided $150,000. The company is expected to create 150 jobs by 2012.
The commissioners have been asked to provide $5,000 in EDIT funds for Angie Meyers Design Studio to locate her business on the Courthouse square. Kokomo is providing a $15,000 low-interest loan through the Emerging Business Loan Fund.
On Monday, Kim Morgan requested $5,000 from the commissioners to open Da Roux House Kitchen and Lounge on West Sycamore Street, possibly by March or April.
Morgan said an application has been submitted with the Kokomo Development Department to obtain a liquor license through the Riverfront District, which was created last year.
Commissioner Tyler Moore said Morgan asked for financial support to start the restaurant that will feature Cajun cuisine.
“We need to establish some preliminary guidelines,” Moore said. “There are issues concerning EDIT. Should the funds be provided as a loan or grant?”
Moore said the county is considering forming an advisory group to make recommendations on funding requests.
“We may use resources of Kokomo or [Greater Kokomo Economic Development Alliance],” he said. “We need to make some decisions by our next meeting [Feb. 15] to present to the county council.”
Howard County Attorney Larry Murrell said the county is interested in providing assistance, but a structure needs to be put together.
With the Zuna project, the county worked through GKEDA, he said.
“We don’t have a revolving loan fund,” Murrell said. “The county needs to put together some procedures to distribute the money.”
Murrell said the commissioners are considering the establishment of an advisory group to work on the procedures.
• 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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County considering funding guidelines
Three businesses have requested assistance with start-up funds
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