Local News
FDL City Council Approves Development Agreement With CD Smith
The
with CD Smith Construction Wednesday night that will put the company’s new
corporate headquarters in the City’s
The company would receive $500,000 in Tax Incremental Financing for the
project. In return they would have to maintain a minimum of 75 full time
equivalent positions at the corporate headquarters. Several Council members
asked how many years they had to reach that number of employees with the
current headquarters employing about 50 people. Community Development Director
Dyann Benson explained. She said, “Their goal and their plan is for five within
five years for 75 jobs. The other thing we have to be sensitive to is that
construction jobs are really tied to the economy.” Councilman Derek TerBeest
questioned whether the company really needed the City’s help with financing. He
said, “Other TIF Districts that I have worked on the past two years are for
buildings that need rehab, companies that don’t have equity or capital to do
their projects and I am not convinced that this reaches those similar
requirements.” The Council passed the resolution on a 4 to 2 vote with
Councilwoman Catherine Block abstaining. Her husband works for CD Smith.