5.1. HRSR 12-06-2004 - Laserfiche WebLink

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Consider Development Agreement and lnterfund Loans for Downtown Revitalization Project December 6,2004 PIRA and City Council Meeting Page 4 of 4 There is no discussion or commitments for general obligation bonds in the final development el agreement. 6. Purchase of Bluff Block properties The city's obligation to close on the sale of the Jackson Block property is conditioned,among other things, upon the developer having fee title to all of the Bluff Block property. Section 3.5 outlines the conditions and process that the city would undertake, at its own discretion and under limited circumstances, for the acquisition of the Bluff Block property through the use of its powers of eminent domain. MetroPlains agrees to pay or reimburse the city for all city acquisition costs and relocation costs and expenses in connection with the acquisition of the Bluff Block property. Staff doesn't currently anticipate this will be necessary. 7. Tv pe of Bluff Block Project This item was discussed in the April 28, 2004 key points agreement in that the city and MetroPlains would explore the feasibility of other types of projects on the Bluff Block if necessary to meet the financing and marketing thresholds. There is no discussion of this issue in the final development agreement, due to the fact that MetroPlains has decided the Bluff Block condos and commercial units will be for-sale only. Requested Actions The HRA has taken the lead with the Downtown Revitalization Project and made recommendations to the City Council when necessary. The Bluff and Jackson Block projects meet the HRA and City Council's primary goal and objectives of the Downtown • Revitalization Project as described in the attached Project Description. Therefore staff requests that the HRA recommend that the City Council consider approval of the following resolutions: 1. Resolution Authorizing Execution of A Development Agreement The resolution authorizes the Mayor and City Administrator to execute the agreement on behalf of the city. The resolution also sets wage and job goals for the project at zero. The development agreement identifies the subsidy for each component of the project and the exemptions from the Business Subsidy Act,with the exception of the Jackson Block Commercial Subsidy. 2. Resolution Approving The Terms of Internal Loan in Connection with Downtown Phase I Tax Increment Financing District No. 22 (SAC) 3. Resolution Approving The Terms of Internal Loan in Connection with Downtown Phase I Tax Increment Financing District No. 22 (WAC) 4. Resolution Approving The Terms of Internal Loan in Connection with Downtown Phase I Tax Increment Financing District No. 22 (Land) Staff requests that the City Council consider the HRA's recommendation in its adoption of the above resolutions. • •