Council members agreed that a “closing costs incentive fund” be established and funded in the amount of $50,000 from the county Economic Development Fund (EDIT). The EDIT Committee had approved the money for the commissioners’ recommendation at a meeting last week.
The fund will be administered through the LaGrange County Economic Development Corp-oration (EDC).
EDC Executive Officer Keith Gillenwater explained to council members that a reimbursement of up to $2,500 in closing costs will be available to either skilled labor or management level employees that apply. Employees must be connected to an economic development industrial relocation project that are either building a new home or buying an existing home in LaGrange County.
Although council unanimously approved the concept of the program, they will not be able to officially vote on the project until it is presented as an additional appropriation at their November 11 meeting.