4.1. SR 02-17-1998 - Laserfiche WebLink

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that at least 85 percent of the use of the property will be for the purpose of manufacturing or production of tangible personal property, warehousing, storage, and distribution of tangible personal property, research and development activities, telemarketing, tourism facilities; or space necessary for and related to the listed activities. The $160,000 incentive will be provided to the developer beginning in the year 2000 and continuing until paid in full. The only funds which will be taken from this TIF District other than those provided to the developer include a 10 percent administration fee. It is estimated, based upon the scenario of a minimum finished market value of $850,000, that the District will generate approximately $24,000 to $26,000 per year and the developer will be paid their incentives in the years 2000 through 2006. 2. $50,000 Micro Loan Request Together with the tax increment application, Mr. Decker submitted an application for a $50,000 micro loan to be used in conjunction with this project. Staff felt it would be most appropriate for final action to be taken on the Tax Increment Plan prior to considering action on the micro loan. It is anticipated the EDA Finance Committee will act on the micro loan request and a final recommendation on such request will come before the EDA at the same time a Development Agreement is submitted for approval on this project - March 9, 1998. Recommendation Staff recommends the Council approve Resolution 98-__ Modifying Municipal Development District No. I and Adopting the Development Program Therefor; and Establishing Within Municipal Development District No. 1, Tax Increment Financing District No. 17 and Adopting the Related Tax Increment Financing Plan Therefor. Attachments Resolution 98- Tax Increment Financing Plan for Tax Increment Financing District No. 17