“All necessary land acquisition or building demolition to construct this roadway will be the responsibility of the city of Mt. Vernon,” the project summary states. In addition, CTNA will be required to comply with the state Corporate Accountability for Tax Expenditures Act.
“The act requires any recipient business which is the intended beneficiary of EDP assistance to submit an initial report stating that business’ commitment to specific employment levels and to subsequently report the progress of the development and specified employment commitments for the project on an annual basis,” the summary states. CTNA will be required to report to the state for five calendar years.
“For the purpose of the EDP, the Continental Tire Company will be required to enter into an agreement with the city of Mt. Vernon to ensure that these reporting requirements are fulfilled,” the project summary states. “These agreements should be in place prior to the execution of the intergovernmental agreement between the department and the city of Mt. Vernon. The agreement between the city of Mt. Vernon and the business must be in place prior to the disbursement of any EDP funds.”