EDSR MEMORANDUM 01-12-1998 - Laserfiche WebLink

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EDA Agenda Memo January 8, 1998 Page 4 purchase the property for a period of 24 months from the date of the . agreement. The agreement also provides for brokerage fees to be paid on the property by the owner, should a broker bring forward a business prospect. The primary focus of this agreement is that the owner will be guaranteeing a purchase price of the property of$1.00 per square foot. This purchase price includes the amount of special assessments currently levied against the property. The owner also will agree to escalate the price, only by an amount equal to the amount of real estate taxes paid each year on the property during the term and any extensions of the term of this agreement. The proposed agreement with Tony Emmerich provides a good format for future similar development agreements which staff would propose to begin to negotiate with the Wilson family and possibly Chuck Christian in 1998. Recommendation Staff recommends approval of the final draft of the attached contract for initial marketing, sale, and development to be entered into with Tony Emmerich, Country Ridge Partnership. 7. Request City Council to Call for a Public Hearing to be Held to Establish TIF District No. 19(Hohlen Property) Attached to this memo is a draft schedule for establishment of TIF District No. 19. A draft Tax Increment Financing Application Form from Associated Builders will be presented at the meeting on Monday, January 12. At this point there have only been very preliminary discussions with the applicant regarding the tax increment request. Staff, Springsted (financial consultant), and Associated Builders have planned to meet on Friday afternoon, January 9, after completion of this EDA packet. Staff will be able to update the EDA at its Monday meeting regarding more detail of the proposed application and overall project. Staff feels it would be appropriate at this time, even though only preliminary information has been received, to proceed with requesting the Council to call a public hearing for this TIF District and adopt the draft schedule for establishment of the District as attached to this • memo.