Laserfiche WebLink
Case # <br /> <br />CONSIDERATION OF DEVELOPMENT AGREEMENT <br /> FOR <br /> PECK PROPERTIES, LLC <br /> <br />By= William K. Goodrich, City Attorney <br /> <br />Background: <br /> <br />The City has been negotiating with Peck Properties, LLC and Peck <br />Construction, Inc. for the construction of a multi-tenant office <br />and warehouse facility on Lot 2, Block 1, BUSINESS PARK 7TH <br />ADDITION with TIF assistance. City Staff has drafted the standard <br />TIF development agreement. The developer has requested various <br />amendments to this agreement most of which are technical in nature. <br />Because of the scheduling of Council meetings and the developer's <br />desire to commence construction immediately, I am asking that you <br />authorize the City Attorney and City Administrator to negotiate the <br />final form of the agreement. Of course, the basic provisions of <br />the agreement will not be amended. <br /> <br />Recommendation: <br /> <br />That the City Attorney and City Administrator be authorized to <br />negotiate with Peck Properties, LLC. the final terms of the TIF <br />development agreement. <br /> <br />Council Action: <br /> <br />Motion to enter into a TIF development agreement with Peck <br />Properties, LLC providing amongst other things that the City will <br />provide financial assistance to the developer in the amount of <br />$495,466.00 which includes land and related utilities. The <br />agreement further to provide for repayment of said financial <br />assistance :based on the TIF plan. Further, that the City <br />Administrator and City Attorney are directed to negotiate the final <br />terms of the agreement with the developer and to then authorize the <br />Mayor and city Administrator to enter into the agreement on behalf <br />of the City. <br /> <br />Review Checklist: <br /> <br />City Administrator <br /> <br /> <br />