Jan
12

Florence Considering Incentives for Downtown Project

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florenceAt its January meeting Monday, the Florence City Council will discuss and likely approve a resolution for an incentives package to bring “Project Morgan,” an undisclosed economic development project, to downtown.

The council will discuss the resolution in executive session, according to the agenda. If it is approved, it will be the second package related to economic development downtown that the council has approved in two months.

In November, the council approved $425,000 in incentives to entice the company Med-Enroll to locate in the Rainwater building. The company helps other companies find health care costs savings and will bring 153 new, high-paying jobs to the city.

The council gave first reading to an ordinance in December to amend its current fiscal year budget to realize variances from the 2013-2014 fiscal year, which ended on June 30, 2014. The city saw a bump in general fund revenues of $872,000 to $26.7 million and a drop in expenditures of $181,000 to $31.8 million. There was a $667,000 net decline in expected revenue from other financing sources to $5.5 million. That left the city with a surplus of $386,000 from last year.

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