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I <br />I$ <br />I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I$ <br /> I <br /> I <br /> I <br /> I <br /> I <br /> ! <br /> i <br /> <br />CASE # <br /> <br /> REQUEST FOR AUTHORIZATION FOR EXECUTION OF <br />A DEVELOPMENT AGREEMENT WITH TRADESMAN PROPERTIES <br />By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The proposed development agreement with Tradesman Properties is for construction of <br />an office/warehouse facility, which will be located in Development District No. 1 and <br />Tax Increment Financing District No. 2, located on Sunfish Lake Court. Tradesman <br />Properties, L.L.C. will serve as the home office for three contractors including E.L.K. <br />Mechanical, Welle Construction, and Prim Electric. The combined companies currently <br />employ 44 people and it is anticipated that at least 14 new jobs will be created from the <br />construction of this facility. <br /> <br />Tradesman Properties will be a 10,016 square foot facility with an estimated market value <br />of $500,000. It is anticipated that th~ project will generate approximately $15,000 of <br />increment per year toward the TIF District which will be used to pay for the $51,000 in <br />improvement costs. The TIF District is scheduled to be completed in the year 2012. <br /> <br />The development agreement for this project is in excess of 30 pages. The City has <br />utilized a standard format except for the dollar amounts specific to this project. Any <br />changes in language are passed through the City Attorney for his review. Given the <br />above, staff has attached pertinent pages of the agreement for Council review. As the <br />Council is aware, other sections deal with indemnity, construction documents, <br />prohibitions against assignments and transfer, and the agreements to pay deficiencies. <br />The entire agreement is available at Council request. <br /> <br />Council Action: <br /> <br />Motion to authorize execution of development agreement with Tradesman Properties, <br />contingent upon review by the City Attorney. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />City Attomey <br />Finance Officer <br />Economic Development Consultant <br /> <br />CC: 05/11/99 <br /> <br />~shared/Councilc/ciO~coun/Tradesman <br /> <br /> <br />