Agenda - Council - 12/08/1987 - Laserfiche WebLink

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TAX INCREMENT PROJECT OF CHATEAU CONSTRUCTION, INC. AND SUMMIT AMERICAN DEVELOPMENT COMPA~ By: Dave ~artleF, City Administrator Background: Mr. G. Craig Willey and Chateau Construction, Inc. have submitted an application requesting tax increment financing assistance to construct trunk sanitary sewer and water to property in the vicinity of County Road ~116 and near the Ramsey Terrace subdivision. Additionally, Summit American Development Company and Montgomery Homes have requested tax increment assistance to extend the same trunk sanitary sewer and water to property just north of the 37.5 acres that Mr. Willey and Chateau Construction wish to develop. Previously, the City Council has authorized Staff to prepare preliminary development agreements which would establish required escrows and the intent of the developers to pay trunk and special assessments. Those development agreements have been prepared and negotiated with the aforementioned developers and are expected to be available at the Council meeting for Council review and approval. Following the signing of the preliminary development agreements and provision of escrows, the City Engineer will prepare a feasibility study to determine the cost and proposed schedule for developing this area. Meanwhile, the developer will prepare sketch plans and the City will draft development agreements and plan for financing. Recommendation:' Council Action: Motion to: Approve a preliminary development agreement with Mr. G. Craig Willey and Chateau Construction, Inc. -and- Motion to: Approve a preliminary development agreement with Summit American Development Company and Montgomery Rome$. Review Checklist: Administrator % Attorney Engineer Communit7 Development Director X Chief of Police Finance Officer Public Works Superintendent OtLer