An official agreement between Dr. Steve Kraus and his company, DMBA Properties and Consulting, Inc., was unanimously approved by the Carroll City Council at Tuesday night’s meeting. Kraus approached the city in October seeking Tax Increment Financing (TIF) after acquiring four lots near the corner of 5th Street and Clark Street. City Manager, Michael Pogge-Weaver outlines the expectations for the developer.
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In exchange for this, the city will assist in establishing Biokinemetics, a holding company of DMBA, and its building which may house several other companies.
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The grant payments to DMBA may be reduced if the company does not create the required number of jobs by the deadline. Those reductions will be proportional to the number of jobs generated. Kraus has said the new facility could bring up to 30 jobs to the area over the course of several years.