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The board approved 5-0 a performance-based economic development agreement with Headwater Capital Partners, LLC involving a proposed $1.5 million grant, reimbursed as buildings receive certificates of occupancy and road improvements are completed.
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The agreement ties the proposed $1.5 million payment to completed development milestones rather than paying it all upfront. The board also approved 5-0 allowing the City Manager or designee to execute performance-based economic development agreements of up to $100,000. Staff reported that jobs created in fiscal year 2026 were already ahead of the annual goal, although inbound leads and site visits were below the prior year’s levels.
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