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Having the bank act as the City's rental agent. This would allow for the City not to be <br />in the rental property business. In addition, the City would require that the bank <br />provide for grounds maintenance as part of the rental agent's contract. The contract <br />would expire in five years with two extensions, should the City still be undecided as to <br />the future use of the facility. <br /> <br />The City could act as its own rental agent and rent the facility for a five to ten year <br />period until a decision is made as to the end use of the facility. The City could also <br />require that the renter provide site maintenance. <br /> <br />One of these two options may be acceptable to the City Council. Staff would recommend <br />the approval of the first option and the approval of the development agreement with First <br />State Bank of Isanti. The result of this will be that no out-of-pocket expense is incun'ecl by <br />the City. In fact, the payback for this development will be immediate (as opposed to five to <br />fourteen years in most of our business attraction efforts). <br /> <br />Council Action: <br /> <br />Motion to approve/deny the development agreement between the City and First State Bank <br />of Isanti. <br /> <br />Motion to authorize the completion of the subdivision of the development site. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Economic Development Coordinator <br />Finance Officer <br /> <br />CC: 11/28/95 <br /> <br />/jmt <br /> <br />I <br />I <br />I <br />i <br />I <br />I <br />I <br />I <br />I <br /> <br /> <br />