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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 /> I <br /> I <br /> I <br /> I <br /> <br /> CASE # <br /> <br /> REQUEST FOR AUTHORIZATION FOR EXECUTION OF <br /> A DEVELOPMENT AGREEMENT WITH NORTHERN AIRGAS <br /> By: James E. Norman, City Administrator <br /> <br /> Background: <br /> <br />The proposed development agreement with Northern Airgas which will be located in <br />Development District No. 1 and Tax Increment Financing District No. 2. Northern <br />Airgas is a distributor of industrial, medical, and specialty gasses and related equipment <br />and services. Staff has been negotiating with Northern Airgas for approximately a year <br />and the project has been reduced in size from the original proposed project. <br /> <br />The proposed Northern Airgas project will include a 29,336 square foot warehouse <br />facility and a proposed 11,440 square foot assembly building to be built sometime in the <br />future. The Assessor's estimated market value has been placed on the facility of <br />$1,450,000, however, Northern Airgas has agreed to the original market value amount of <br />$1,550,000 for the developers agreement. Northern Airgas has also reduced the size of <br />the lot because of the reduction in the original project size. The project is estimated to <br />generate approximately $38,000 annually, toward the TIF District, which will pay for the <br />improvement costs. The TIF District will be completed in the year 2012. <br /> <br />Council Action: <br /> <br />Motion to authorize execution of deveIopment agreement with Northern Airgas, <br />contingent upon review by the City Attorney. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />City Attorney <br />Finance Officer <br />Economic Development Consultant <br /> <br />CC: 07/14/98 <br /> <br />jrnt/NorA ir. doc <br /> <br /> <br />