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TO: <br /> <br />Mayor anp Councilmembers <br /> <br />FROM: City Btaff <br /> <br />RE: Council ]]usiness <br /> <br />ENCL: A I~formation regarding request for financial assistance from M & S Development <br /> <br />CASE #1: <br /> <br />RE~, UE~T FROM M & S DEVELOPMENT: <br />· : i <br />You wil~l recall that M & S Development submitted a request for financial <br />asSistanCe ($64,493) for the site improvements necessary in the Churchill <br />Estates!apartment development in the Oxbow Addition. Council tabled action <br />on this !until they could discuss with the Economic Development Commission <br />the for~nulation of a policy and process for handling such requests. <br /> <br />Enclosure A contains the following items for your information: <br /> <br />Letter dated August 12, 1985 from M & S Development <br /> <br />12) City Council meeting minutes dated September 24, 1985 <br /> <br />Proposed resolution modifying Development Program and Tax Increment <br />]~inancing Plan to include site improvements as requested by M & S <br />Development as an allowable use of funds <br /> <br />Councit Action: <br /> <br />YOur action will be to approve/disapprove the request by M & S Development. <br />If you approve the request, you would have to adopt the proposed resolution <br />mo~]ifyi~ng the Development Program and Tax Increment Financing District <br />to !inclUde site improvements as an allowable use of funds. Also, approval <br />should be contingent upon the developer entering into a development agreement <br />with the City, to be drafted by the City's bond counsel, with financial <br />commitments to be specified by Evensen-Dodge. The fo]lowing proposed <br />motion !is hereby submitted for your consideration: <br /> <br />iMogion by and seconded by to approve the request <br />:by ~I & S Development for financial assistance for site improvements <br />for the Churchill Estates apartment project and to adopt Resolution <br />.#85~ modifying the Development Plan and Tax Increment Financing <br />Plan to include such site improvements as an allowable use of funds, <br />contingent upon the developer entering into a development agreement <br />with the City, to be drafted by the City's bond counsel, and with the <br />i.financial commitments to be specified by Evensen-Dodge. Please refer to <br />:resolution file for Resolution #85- <br /> <br />{ Further discussion: <br />Mot, ion carried/failed. Voting yes: Voting no: <br /> <br /> <br />