ISTO  Industrial Development Authority Called Meeting Minutes  August 21,2024 12:001 PM  Present: Nick Esposito, Imanuel Morenings, Monica Shew, Michael McGirr Absent: Jan Huffman, Jacqueline Nophlin, Carly Thompson  Staff: Mack Chapman, Economic Development Manager; Amy Dula, Deputy Clerk; Gene  Christian, AV Technician A. Called Meeting Agenda  Mr. Esposito called the meeting to order at 12:00p p.m. - Approve Economic Incentive Rebate  Mr. Chapman gave the staff report. The City has been in discussions with a new business to open and operate at 601 State Street in Bristol, Virginia. The potential new tenant is asking for. an economic incentive from our No Net Loss Rebate totaling $100,000 or two years, whichever comes. first. Staff recommends awarding a $100,000 economic incentive. from our No Net Loss Rebate incentives to the new business opening on State Street in Bristol, Mr. McGirr asked if the restaurant was. franchised and how the owner would use the incentive. Mr. Chapman said it is single-owned, and the owner would use the incentive for  Virginia. equipment.  Ms. Shew noted that it would be a good addition to downtown Bristol. Moved by Imanuel Morenings; seconded by Michael McGirr  Motion Passed: 4-0 B. Adjournment  The meetingadjoumed. at 12:02 p.m. Te  9-30-24 Chairman  Clerk Depuly  fou