Agenda - Council - 11/10/1998 - Laserfiche WebLink

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The Planning Commission reviewed the site plan on November 2nd and there was some discussion regarding the number of off-street parking spaces proposed. The Planning Commission determined that the off-street parking area was sufficient in size. This is a tax increment financing (TIF) project under the instant equity program the City has been operating. The proposed project will be located in Development District No. I and Tax Increment Financing District No. 2. The City expenses towards the project are recovered within the time frame of the TIF district. The Assessor's estimated market value on the project has been established at $730,000.00. The amount of revenue to be generated annually toward the TIF District, which will pay for the improvement costs, is estimated to be $14,000.00. The TIF District will be completed in the year 2012. Recommendation: The Planning Commission recommended approval of the site plan contingent upon compliance with the City Staff Review Letter dated October 30, 1998, except that the number of off-street parking spaces proposed is acceptable. City Staffrecommends approval of the TIF agreement. Council Action: Motion to approve the proposed site plan for Sharp and Associates in Business Park 95 Fifth Addition contingent upon compliance with the City Staff Review Letter dated October 30, 1998 and with number of off-street parking spaces as proposed. Motion to authorize execution of the TIF development agreement with Sharp and Associates for an office/warehouse on Lot 2, Block 1, Business Park 95 5th Addition. Reviewed by: City Administrator Community Development Director City Engineer City Attorney Community Development Assistant CC: 11/10/98 I I i I I I I I l, 1 I I I I ! I