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AGENDA ITEM NO. 7 <br /> • POTENTIAL PUBLIC/PRIVATE PARTNERSHIPS <br /> RE: WESTERN AREA BUSINESS PARK <br /> BACKGROUND: <br /> • $300,000 has been allocated from TIF No. 1 and TIF No. 3 <br /> • (Limitation is: land purchases only) <br /> • $430,000 has been allocated from former TIF No. 4 <br /> • (Limitation: Uses must be consistent with the objectives of the TIF <br /> Plan for TIF No. 4 - "To allow development of the western area of <br /> the City" i.e., business park) <br /> • Owners of the B-P property (and others) have been assessed for <br /> trunk sanitary sewer/water @ $3,800 /acre <br /> • Other "lateral" assessments (water, sewer, streets, etc.) will follow <br /> as sites are platted <br /> • Some B-P lots will develop with limited commercial/retail uses <br /> • City/EDA endorses "limited" commercial <br /> ISSUE: <br /> How does City/EDA allocate limited public funds to provide greatest <br /> assistance in the development of the Business Park? <br /> Do developers/owners of B-P property have specific suggestions in <br /> utilizing limited public funds? <br /> SUGGESTIONS: <br /> Use TIF Funds to pay for a portion of the infrastructure costs; or, <br /> Use TIF Funds to defer assessments on various sites; TIF Funds are <br /> paid back as land sales occur <br /> REQUESTED ACTION: <br /> • Refer public/private partnership matter to B-P Task Force. Task <br /> Force must bring back recommendation(s) by EDA's January <br /> meeting <br /> • <br /> • Have B-P owners present ideas for partnership <br />