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CASE # <br /> <br /> PUBLIC HEARING TO CONSIDER EXECUTION OF <br />BUSINESS SUBSIDY AGREEMENT WITH SHARP AND ASOCIATES, LLC <br />By: James E. Norman, City Administrator and <br /> Sean Sullivan, TIF Specialist <br /> <br />Background: <br /> <br />The proposed development agreement with Sharp and Associates, LLC has been recently <br />negotiated with City staff. The project includes the construction of a 60,138 square foot multi- <br />tenant office/warehouse/showroom building in the spring of 2001. The building will be located <br />at the intersection of Sunfish Boulevard and McKinley Street. It is anticipated that the project <br />will create at least 17 new jobs paying a wage of at least $10.00 per hour in a two-year period. <br /> <br />The County Assessor has established an original tax capacity for the parcel of approximately <br />$12,697. It is anticipated that the project will be valued at approximately $3 million dollars and <br />will generate approximately $100,500 annually in tax capacity, and approximately $87,000 in tax <br />increment per year toward the TIF District, which would be used to assist the City with its <br />payment in bonding for land acquisition and public improvements. <br /> <br />The development agreement for this project is in excess of a 50-page document. The City has <br />utilized the consistent and standard format except for the dollar amounts specific to the project. <br />Any changes in the land use are passed through to the City Attorney for his review. Given the <br />above, staff has attached the pertinent pages of the agreement for Council review. As Council is <br />aware, the other sections deal with indemnity, construction documents, prohibitions against <br />assignments, and transfer to the agreements to pay deficiencies. The entire agreement is <br />available at City Council request. <br /> <br />Council Action: <br /> <br />Motion to authorize business subsidy agreement with Sharp and Associates, LLC. <br /> <br />- and - <br /> <br />Motion to authorize execution of a development agreement with Sharp and Associates, LLC, <br />contingent upon review by the City Attorney. <br /> <br />Reviewed by: <br /> <br />Copies also distributed to: <br /> <br />Assistant City Administrator <br />TIF Specialist <br /> <br />City Administrator <br />City Attorney <br />Economic Development Consultant <br /> <br />CC:03/13/01 <br /> <br />-141- <br /> <br /> <br />