Title
Action on a Tax Increment Financing (TIF) Memorandum of Understanding (MOU) with Solventum/ Previously 3M.
Body
Summary:
The Memorandum of Understanding defines the roles and responsibilities of the City of Brookings and Solventum regarding a Tax Increment Financing (TIF) application. The MOU is necessary because the full scope of the plant’s expansion has not been finalized and those details are required for the TIF application. The goal is to maximize the increment for the betterment of both the City and Solventum. The TIF Application will be ready for Council approval in July.
Recommendation
Recommendation:
Staff recommends approval.
Body2
Attachments:
Memo
Memorandum of Understanding