EDSR MEMORANDUM 01-09-1995 - Laserfiche WebLink

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• conditions of the existing Contract for Private Development prevail with Tescom's new ownership of Lot 1. As discussed at the last meeting, the EDA will recover its expenses from this transaction through the collection of an additional year of tax increment payments. Action Requested The EDA is asked to approve an addendum to.the Contract for Private Development by and between the EDA and Tescom Corporation. 8. Update on Business Park Issues At the last EDA meeting, Commissioners referred the broad topic of "public/private partnerships" in the business park to the B-P Task Force. The Task Force met on December 20, 1994, to discuss this matter. A favored concept emerging from this meeting was that of utilizing existing TIF/RDF funds to underwrite a portion of the costs associated with the construction of streets and the installation of water and sewer lines in the business park. As lots are sold, the owner/developer of the business park would be obligated to repay the • City/EDA a specified amount on a per acre basis. Security for repaying the public funds would be that of a mortgage filed against the business park property plus a Promissory Note and Developer's Agreement. The B-P Task Force will meet again on January 12, 1995, to finalize this matter and to bring forth a recommendation to the EDA for consideration at the February meeting. Progress on the development of the initial phase of the business park continues. The City Planner is in receipt of three applications, including a) preliminary plat, b) conditional use permit for a 19,000 square foot convenience center, and c) site plan approval for a two- story,30,000 square foot office building. Supporting documents on the respective applications are included in the agenda packet. This information will considered by the Planning Commission at its meeting in late January and by the City Council at its meeting in mid- February. •