Agenda - Council - 09/22/2015 - Laserfiche WebLink

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CC Regular Session Meeting Date: 09/22/2015 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services 6. 2. Information Title: Public Hearing: Consider Multiple Actions Related to a Potential Life Fitness Expansion Project Purpose/Background: PURPOSE: (1) TIF PLAN: Consider Support of the attached Resolution #15-09-216 to Modify Development District 1, Establish TIF District 15, and adopt TIF District 15 Plan. This step does not award TIF. This step allows the City to award TIF. This step requires the City to hold a public hearing. Attached to this case is a TIF Plan Summary --Staff recommends the Council concentrate their time on this document. - -and-- (2) TIF AGREEMENT: Consider support of the attached Resolution #15-09-242 authorizing execution of a TIF Agreement. This is the actual TIF award for Life Fitness. This document includes all terms and conditions for this specific deal. Attached to this case is a Term Sheet --Staff recommends the Council concentrate their time on this document. - -and-- (3) INTER FUND LOAN: Consider support of the attached Resolution #15-09-239 which establishes an ability for the City to utilize an inter fund loan to pay for up front administrative/ legal costs associated with TIF District #15; and repay said inter fund loan with TIF District #15 proceeds (i.e. future Life Fitness LLC increment). BACKGROUND (Project) This case was introduced to the EDA and City Council in July; at which time, detailed background information was provided on this project. Detailed background information on TIF was also included is said cases. Attached is the July EDA MEMO. BACKGROUND (TIF Plan) Ehler's is managing the process to establish a new TIF district. Attached is an overview/ summary of the proposed district. Also attached is a required resolution. Lastly, attached to this case is the TIF Plan. Again, the purpose of the TIF Plan is to allow the City to award TIF. It should be noted, the attached TIF Pan includes a "maximum budget." This is a high and conservative total eligible project costs estimation ($1,468,320). This number is different than what is included in the attached TIF Agreement; which is the actual proposed assistance ($224,000 PV terms and $350,000 FV terms). To be clear, the City is not proposing to award $1,468,320 to Life Fitness. BACKGROUND (TIF Agreement) This agreement lays out the terms and conditions for the proposed TIF award; including the specific amount of TIF