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8. EDSR 08-11-2008
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8. EDSR 08-11-2008
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<br />ITEM # 8. <br />ver <br />MEMORANDUM <br />T®: Economic Development Authority <br />FR®M: Jeff Gongoll, <br />Community Development Director <br />DATE: August 11, 2008 <br />SUBJECT: UPDATE: Energy Entertainment Enterprises, LLC Proposal <br />BACKGROUND <br />At last month's EDA meeting, a general discussion occurred regarding the status of this project. <br />The original proposal was submitted to the EDA at its October 2007 meeting. Since then, the <br />City property known as `Gateway Business Park' was platted into oudots in March 200$. Also in <br />March 2008, a Tax Abatement Application was submitted to the City along with the required <br />$5,000 application fee. <br />As a result, additional and specific financial information was requested by the City for review by <br />the City's financial consultants, Ehlers and Associates. In early July 2008, we learned that the <br />general building site, consisting of 14 acres, had shifted entirely onto City property, generally <br />Outlot C. <br />DISCUSSION <br />Supplemental financial information was submitted and reviewed by Ehlers and Associates last <br />week. 'This information has yielded an understanding that the project will have an estimated <br />taxable market value of $23.8 million consisting of a 120 room hotel, 1,500 person <br />conference/banquet center, multiple lane bowling facility, full restaurant and bar, and numerous <br />related entertainment activities. Job creation estimates were indicated at a total of 160; 65 full-time <br />living wage, 50 part-time >$14/hour, 45 part-time at $7-$14/hour. <br />The requested assis <br />$1,800,000 <br />830,000 <br />1,748,000 <br />97,000 <br />$4,475,000 <br />tance is in the form of: <br />Land cost <br />SAC & VVAC fees <br />Site preparation costs <br />Park dedication fees. <br />Total assistance requested <br />
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