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CASE # <br /> <br /> PUBLIC HEARING TO CONSIDER EXECUTION OF <br />BUSINESS SUBSIDY AGREEMENT WITH TWINKLE TWINKLE, LLC. DBA STAR <br />EXHIBITS AND ENVIRONMENTS <br /> By: James E. Norman, City Administrator and <br /> Sean Sullivan, TIF Specialist <br /> <br />Background: <br /> <br />Recently a development agreement with Twinkle Twinkle, LLC. (Star Exhibits) has been negotiated <br />with City staff. The project includes the construction of an 185,000 square foot <br />office/warehouse/manufacturing building in November of 2001 with an expansion of 25,000 square <br />feet in the future. The building will be located northeast of the intersection of newly constructed 143rd <br />Avenue and Industry Avenue. It is anticipated that the project will create at least 15 new jobs paying a <br />wage of at least $13.00 per hour, in a two-year period. <br /> <br />The County Assessor has established an original tax capacity for the parcel of approximately $1685. It <br />is anticipated that. the project will be valued at approximately $8,100,000 million dollars and will <br />generate approximately $161,250 annually in tax capacity, and approximately $100,000 in tax <br />increment per year toward the TIF District. The tax increment would be used to assist the City with its <br />payment for costs related to land acquisition, site improvements and public improvements. <br /> <br />The development agreement for this project is in excess of a 40-page document. The City has utilized <br />the consistent and standard format except for the dollar amounts specific to the project. Any changes <br />in the land use are passed through to the City Attorney for his review. Given the above, staff has <br />attached the pertinent pages of the agreement for Council review. As Council is aware, the other <br />sections deal with indemnity, construction documents, prohibitions against assignments, and transfer to <br />the agreements to pay deficiencies. The entire agreement is available at City Council request. <br />Council Action: w~i/t~h iwi~n~l e~T wi <br />Motion to authorize business subsidy agreement ' ' 'nkle, LLC (Star Exhibits) <br /> <br />-and- <br /> <br />Motion to authorize execution of a development agreement with Twinkle Twinkle, LLC, contingent <br />upon review by the City Attorney. <br /> <br />Reviewed by: <br />City Administrator ("1 ~r' 09~"~/~ City Attorney /Off <br />TIF Specialist ~.~r~ ~/~,.~ j <br /> <br />-153- <br /> <br /> <br />