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AI-8985     Topics Of Discussion      Q.        Council Work Session Meeting Date: 02/07/2023   ED/GE Grant Agreement - Millat Industries Department: Council Committee Review?: Council Work Session Date(s) of Committee Review: 02/07/2023 Audio-Visual Needs: None Legal Review: Emergency Legislation?: No Motion/Ordinance/ Resolution No.:

Agenda Item Description or Legislation Title ED/GE Grant Agreement - Millat Industries Purpose and Background In Fall of 2022, the City submitted an ED/GE Grant in the amount of $62,400 on behalf of Millat Industries.  The grant was to support the replacement of HVAC equipment at the Millat Industries' Center Point 70 location to keep it competitive in the markets of aerospace, manufacturing, advanced manufacturing, research and development, as well as composites and advanced materials.  The grant allows Millat Industries to retain its workforce of 44 while adding an additional position. In December, 2022, the City was notified that its grant application was approved for funding.  On February 7, 2023, the Montgomery County Commissioners will approve the formal contract with the City after which the City can make funds available to Millat Industries.  It is recommended that City Council approve this proposed agreement between the City and Millat Industries before the City distributes any grant funds to Millat Industries.

Fiscal Impact Source of Funds: General Fund Cost: $62,400 Recurring Cost? (Yes/No): No Funds Available in Current Budget? (Yes/No): Yes Financial Implications: Monies to provide for the grant amount of $62,400 will be provided via supplemental appropriation.  Once Millat Industries demonstrates its compliance to the terms and conditions of the grant, the City will be reimbursed the amount of $62,400 from Montgomery County.

Attachments Resolution Exhibit A Exhibit B