Agenda - Council - 04/11/2000 - Laserfiche WebLink

Home

I I I I I I I I I I '1 '1 I I ,I CASE PUBLIC HEARING TO CONSIDER AUTHORIZATION OF A DEVELOPMENT AGREEMENT WITH H & P DEVELOPMENT L.L.C. By: James E. Norman, City Administrator Background: The proposed TIF development agreement ~to build two 31,600 square foot multi-tenant facilities is being proposed by H & P Development L.L.C., which would be located at the' 13900 block of Radium Street (map attached to case). The project will be controlled by Gary Hugebeck and Mark Peck. The project will be done in two phases with two identical-looking facilities. A description of the project is attached to the case. The developers have agreed to create at least nine new jobs at an hourly rate of at least $I0 per hour within two years of receiving the assistance. The County Assessor's Office has placed a value of the proposed facility at a minimum market value of $1,400,000. In addition to constructing the project, the proposed agreement requires that if the wage and job goals are not met, the assistance must be repaid to the City. The development agreement for the project is a 30-page document. The City has utilized a consistent and standard format except for the dollar amount specific to the project. Any changes in the language are passed through the City Attorney for his review. Given the above, Staff will distribute the pertinent pages of the agreement for Council review. As Council is aware, other sections deal with indemnity, construction documents, prohibitions against assignments and transfer, and the agreements to pay deficiencies. The entire agreement is available at Council request. Council Action: Motion to authorize execution of a development/subsidy agreement with H & P Development, L.L.C. Reviewed by: City Administrator City Attorney Finance Officer Development Consultant CC: 04/11/00 \\RA_FSl\VOLl\users\City Shared File\COUNCILC~CITYCOUN\4.11.00 H&P Development.doe