FINANCIAL_SERVICESPENDING

town-of-madison-board-of-aldermen-meeting-agenda-october-9-2025_bab.pdf

Town considers $13.9M incentive grant for Enovum

Not to exceed $13,900,000 (Town portion of grant; total community grant package not to exceed $25,400,000)Town of MadisonENOVUM NC-1 BIDCO LLCOctober 9, 2025

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Description

The Town of Madison is holding a public hearing on an Economic Development Grant Agreement with Enovum NC-1 Bidco LLC for incentive grants not to exceed $13.9 million, tied to up to $1 billion in new taxable investment and associated job creation. The grant will be paid in phased annual tax grants through 2033 based on performance benchmarks.

Contract Details

Contract Amount

Not to exceed $13,900,000 (Town portion of grant; total community grant package not to exceed $25,400,000)

Vendor

ENOVUM NC-1 BIDCO LLC

Agency

Town of Madison, IN

Contract Type

FINANCIAL_SERVICES

Document Date

October 9, 2025

Contract Term

Investments through December 31, 2033; investment and employment milestones 2025–2029

Renewal Date

2033-12-31

Renewal Info

Performance-based incentive agreement with phased annual grant payments through December 31, 2033, contingent on investment and employment milestones; no explicit renewal terms stated.