Laserfiche WebLink
CASE <br /> <br />I'UBi,I(: lie 4RIN(; TO CO~SIDER EXECUTION OF A BUSINESS SUBSIDY <br />AGREEMENT WITH T & D HOLDINGS, LLC <br /> By: Michael Muh'ooney, Development Consultant <br /> Sean Sullivan, ~;conomic Development / TIF Specialist <br /> <br />Background: <br /> <br />Recently a development agr¢~:men~ wi~.h T & D Holdings, LLC has been negotiated with City <br />staW. Thc prc:,jcct includes the construction of a 10,912 square foot <br />ol't]ce/warchot;sc/n'~anufacturing buildi;tg in the Summer of 2004. The building will be located <br />at thc intersection et~ Azuritc~, Strc~:t Northxvest and 141st Avenue located in Gateway North <br />Industrial [>ark }>Iai 2. It is anticip~t_ed that the project will create at least 5 new jobs paying a <br />wage el' al leasl $15',.00 per ho[tr in a: two-year period. <br /> <br />Thc (:ounty Assc.~;sor has cstabli~;hcd an assessed taxable market value of approximately <br />$686,000 fi~r the p~ c/jcct. It is anticipated that the project will generate $22,700 dollars annually <br />ill taxes and approximately $12,97/) mmually in tax capacity. The tax increment generated per <br />year will ho appro×imately $ [0,50() per year toxvard the TIF District, which would be used to <br />assist the (;ity with i~s payment for t,ublic improvements and land acquisition costs. <br /> <br />Thc development agreement ibr thi; project is in excess of a 40-page document. The City has <br />utili×cd thc consist,._,'nt and stamlard format except for the dollar amounts specific to the project. <br />Any changes in thc' land tlSt2 ;.11'(2 pa~.;sr.~d through to the City Attorney for his review. Given the <br />above, stal'l' has att~tched thc pertinc[at pages of the agreelnent for Council review. As Council is <br />aware, thc other sc:ctions deal wilh indemnity, construction documents, prohibitions against <br />assignments, and i~'ansfer i:o thc ~tgrcements to pay deficiencies. The entire agreement is <br />available att City C(mncil rcqu~zst. <br /> <br />Council Action: <br /> <br />Motion to at~lh<>~'i~<c, business subsidy agreement with T & D HOLDiNGS, LLC <br /> <br />- and - <br /> <br />Motion to aulhorixc execution of ;~ d<',vel, opment agreement with T & D HOLDiNGS, LLC, <br />contingent ttpo~ review by tile City Mtorney. <br /> <br />Reviewed by: <br />City Adm i l]istmtor <br /> <br />Copies also distributed to: <br />City Attorney <br /> <br />CC :06/08/04 <br /> <br /> <br />