Agenda - Council - 09/28/1999 - Laserfiche WebLink

Home

I I I I I I I I I I I I I I I I I I In-Tech Development Business Subsidy Agreement Ratification By: James E. Norman, City Administrator CASE #~..~ Background: The City Council entered into a certain agreement with In-Tech Development on May 11, 1999. The Council action was contingent upon final review by the City Attorney. Many changes took place over the summer months during the completion of the development business subsidy agreement. The City Attorney has asked Council to ratify the final details of the agreement prior to its execution. In-Tech Development is a company which currently operates in Maple Grove, employs approximately twenty-five employees, and is anticipating hiring more with the expansion in Ra_msey's Energy Park.. The facility will be 31,700 square feet, with an estimated market value of $1,100,100. It is anticipated that the project will generate approximately $25,000 in net-increment per year towards the TIF District, which will be used to pay for the $94,817.00 purchase of land from Connexus Energy. The TIF District is scheduled for completion in the year 2006. Recommendation: Staff recommends that the Mayor and City Administrator be authorized to execute certain legal documents relating to th~' In-Tech Development. These amendments are to be consistent with the intent of the project as identified in the Council's original'action(s) of May 11, 1999, on this subject, and aro subject to th...e..~ity.' Attorney's direction. ' .-.~.? .:., - .. Council Action: ~-~¢:'"'~ '~ Motion to authorize the Mayor and City Administrator be authorized to execute certain legal documents relating to the In-Tech Development. These amendments are to be consistent with the intent of the project as identified in the Council's original action(s) of May 11, 1999, on this subject, and are subject to the City' Attorney's direction. Reviewed by: ~, City Administrator William K. Goodrich, City Attorney Attachments: None CC: 09/28/99