4.2.A. SR 12-06-2004 - Laserfiche WebLink

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