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TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Economic Development Authority <br /> <br />Cathy Mehelich, Director of <br />Economic Development <br /> <br />July 10, 2000 <br /> <br />Proposal for Development of EDA Site <br />At Joplin Street <br /> <br />Issue <br /> <br />The issue before the EDA at this time is to review the proposal for <br />development of the EDA site located at Joplin Street from Gary Santwire, <br />Rivers Crossing, Inc. <br /> <br />Background <br /> <br />The 4.36 acre site was purchased by the City from Country Ridge, Inc. (Tony <br />Emmerich) in December 1997. The source of funding was the use of excess <br />TIF funds from TIF District No. 5 in the amount of $198,750 ($1 per square <br />foot plus fees). Upon the City's closing of the transaction the property was <br />transferred to the Economic Development Authority. <br /> <br />The limitations on the expenditure of excess TIF funds from District No. 5 <br />carried with it the necessity to spend the excess TIF funds prior to the end of <br />the year, due to the planned decertification of District No. 5 at the end of <br />1997. Since the source of funding was excess TIF, any sale proceeds would be <br />considered increment income and would need to be returned to the County for <br />distribution. The EDA has the opportunity to sell the property for $1 should <br />a qualified development proposal be received. The current fair market value <br />of the property is estimated at $1.15 per square foot (190,000 SF) for a total <br />of approximately $218,500. <br /> <br />Development Proposal <br /> <br />Attached is a copy of the development proposal from Gary Santwire and his <br />clients: Russ & Linda Norha (Equity Management, Inc.) and David & Carole <br />Ripplinger (Track of the Wolf Inc.). <br /> <br /> <br />