From the Muncie Star Press:
"Delaware County officials on Monday approved an agreement that they said would address, in some ways, both Brevini and VAT.
Under the terms of the agreement, officials of Brevini -- who said recently they employ "close to 70" people at their Park One/332 facilities near I-69 and hope to add 30-50 more workers in the coming months -- will receive $1.69 million in tax increment financing (TIF) revenue but agreed to forego a claim to $5 million more.
In return for giving up on its claim to the $5 million in TIF revenue, Brevini also gets an extension on its deadline for job creation. The company -- which a year ago said it would employ up to 200 people in 2012 -- now has until the end of 2013 to employ 250.
And officials will allow Viehweider to sell the remaining 13 uninstalled streetlights -- that number was released Monday by Delaware County Commissioner Larry Bledsoe -- in an effort to recover $250,000 the county gave Viehweider for a vertical wind vane that would have been erected along the interstate to brand Delaware County as a green manufacturing hub.
...
Besides the $1.69 million in TIF revenue that Brevini will receive, the county gave the company $625,000 in incentives for its early local investment and an additional $800,000 as the company added millions of dollars in equipment to its two buildings in Park One.
The commissioners and officials of the Muncie-Delaware County Economic Development Alliance issued a statement Monday that Brevini now promised to create 410 jobs with an annual payroll of $18.8 million. Donati said that job-creation deadline is now the end of 2014."
http://www.thestarpress.com/article/20120320/NEWS01/203200343/-hard-lesson-economic-development?odyssey=tab|topnews|text|Frontpage%20DontMiss
