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CASE #2 <br /> <br /> ~TAX INCREMENT FINANCING ASSISTANCE TO <br />DENI~IS SHARP'S PROPOSED MULTI-PURPOSE FACILITY <br />By:~ James Gromberg, Economic Development Coordinator <br /> <br />Background: <br /> <br />The City has rec~ved a request from Mr. Sharp to provide some assistance to a proposed multi- <br />purpose facility ~,long Industry Avenue N.W. east of Sunfish Lake Blvd. N.W. The proposed <br />facility will consist of the following phases: <br /> <br />Phase 1 <br />Phhse 2 <br />Phhse 3 <br /> <br />13,084 square feet <br />13,548 square feet <br />19,008 square feet <br /> <br />Mr. Sharp has in~cated that he is planning on completing the construction of the first two phases <br />by the spring of 19~95. For your information, I have included the following information: <br /> <br />l) Le <br />2) An, <br />3) Cit <br /> <br />ter from Dennis Sharp regarding proposed facility. <br />>ka County's estimated tax value and tax generation. <br />,'s letter to Mr. Sharp regarding possible assistance. <br /> <br />As item 3 states, ¢ <br />providing the City <br />Financing District!s life ends in 2012. <br />increments for 15 ',ears. <br /> <br />~conomically speaking, it would be feasible to provide assistance to Mr. Sharp <br />;Council is in agreement with the proposed assistance plan. This Tax Increment <br /> With the two year exclusion rule, the City would receive <br /> <br />Commission ACtion: <br /> <br />Motion to recommend that the City Council proceed with assistance to Mr. Sharp's proposed <br />multi-purpose facility. <br /> <br />Reviewed by: <br /> <br />City Adminisu'ator <br />Economic Develop~nent Coordinator <br /> <br />EDC:05/12/94 <br /> <br />9 <br /> <br /> <br />