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DATE: <br /> <br />TO: <br /> <br />CC: <br /> <br />FROM: <br /> <br /> MEMORANDUM <br /> <br />May 16, 1994 <br /> <br />Mayor and City Council <br /> <br />Ryan Schroeder, City Administrator <br />Jim Gromberg, Economic Development Coordinator <br /> <br />Economic Development Commission fy, d/ <br /> <br />S U BJ ECT: Financial Assistance to Sharp Facility <br /> <br />The EconomiclDevelopment Commission has reviewed Mr. Dennis Sharp's request for financial <br />assistance for the proposed multi-tenant facility located on County Road #116. This facility is to <br />be constructec~ in three phases, with the fn'st two phases to be completed in spring 1995. The <br />Commission b~Iieves the proposed assistance package of $1.00 per square foot for five to seven <br />years to be an *::onomically feasible assistance package with the following safeguards: <br /> <br />1) No payknents until proof of all property taxes being current. <br />2) Assessment agreement signed guaranteeing a minimum tax value of $833,I00. <br /> <br />With these safeguards, the City should not be overly exposed if some part of the project should fall <br />through. The Commission also feels that this assistance proposal should not raise any concern for <br />precedence, as Iall future requests will be judged on the project pro forma and EDA or TIF financial <br />feasibility. <br /> <br />This pay as y.Ou go proposal is projected to have a fairly large economic return on the City's <br />investment. We believe the project will be on the June or July Planning Commission agenda_ <br /> <br /> <br />