5.0. 6.0. 7.0. 8.0. 9.0. 10.0. EDSR 09-21-1998

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Special EDA Agenda Memo September 21, 1998 Page 5 • 9. Receive Update/Information on Tax Increment Request from Associated Developers (Hohlen Property Redevelopment) Staff has received the formal tax increment request for the Hohlen property redevelopment including the commercial and business park components. At this time staff has not had an opportunity to examine the proposal in order to make recommendations to the EDA on the tax increment request. Staff proposes that a worksession be held prior to the regularly scheduled EDA meeting on October 12 in order to discuss in detail the Associated Developers tax increment proposal. The scope of the tax increment request is as follows: • That tax increment be used to pay for various public improvements and some private improvements for the commercial component of the project • That tax increment be used to write down the cost of the land and complete the public improvements up front to the industrial component of the project di Staff will provide a detailed description of the request for the 11. worksession discussion on October 12, 1998. Recommendation Staff recommends the EDA call a worksession for 5 p.m. on Monday, October 12, 1998, to discuss the Associated Developers/Hohlen project redevelopment. 10. Consider 1999 EDA Budget The Economic Development Authority budget includes the Business Incubator budget as attached to this memo. The EDA budget will look somewhat different this year due to a restructuring of the regular EDA expenses to include having the HRA share in these various expenses. These expenses proposed to be shared by the EDA (75 percent) and the HRA (25 percent) are as follows: • Office supplies • Motor fuels and lubricants • Telephone • Conferences and schools • Dues and subscriptions