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I <br /> I <br /> I <br />I <br /> I <br /> I <br /> l <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 McKINLEY STREET, LLC <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The proposed development agreement with McKinley Street, LLC, is for construction of <br />a multi-tenant facility which will be located in Development District No. 1 and Tax <br />Increment Financing District No. 2. 'The major tenant of the facility is of the printing <br />industry. The project has increased in size from what was originally envisioned at the <br />beginning of negotiations. <br /> <br />McKinley Street LLC will be a 48,000 square foot facility with an estimated market value <br />of $2.5 million. It is anticipated that the project will generate approximately $93,000 per <br />year toward a TIF District which will be used to pay for improvement costs. The <br />District is scheduled to be completed in the year 2012. <br /> <br />Council Action: <br /> <br />Motion to authorize execution of development agreement with McKinley Street, LLC, <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: 07/14/98 <br /> <br />jmt/McK, doc <br /> <br /> <br />