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In the context of a land sale, Sportech is a business consistent with the goals and objectives of the city <br />and its economic development endeavors. In voicing support for financial assistance in recent meetings, <br />this support seemed based on the level of subsidy provided by previous agreements, and including <br />expectations of reimbursement of the lot price. While no application has yet been received, the total <br />subsidy, including land write down and $500,000 in tax abatement is expected to be $1,788,589, based on <br />conversations with the buyer's agent. <br />The city does not have a policy on giving land, improved or otherwise, away for nearly free. <br />Financial Impact <br />N/A <br />Attachments <br />• Attorney memo dated March 11, 2015, provided at the closed session, (attorney -client <br />privilege) <br />• Comparison of assistance <br />• Financial Model cash sale; cash sale with abatement reimbursement <br />■ Purchase agreement (to be distributed at closed meeting) <br />N: \Departments \Community Development \Economic Development \EDA \Administrative \Agenda \EDA Agenda Packets \2015 \3 -16- 2015 \6.1 sr <br />Consider sale of lots 1 and 2, Block 2 NEBCIl (sportech).docx <br />