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~ . · , CASE # <br /> <br /> PUBLIC HEARING TO ~ONS!DE~E~CUTION OF A BUSINESS SUBSIDY <br /> AGREEMENT Wl~TH pR01~ESSIONAL PROPERTIES, LLC <br /> By: Mike Malr°°ne~, Degdopment Consultant and <br /> Sean Sulliva~l~ EcOnonlie Development / TIF Specialist <br />Background: : '~ ~ <br /> <br />Recently a development agreemet!t with Pr°feSsi°nal Properties, LLC has been negotiated with <br />City staff. The project 'includes flue c°ns '~uetion of 12,528 square foot office building to be <br />completed by December 31,200~. The bt~ilding will be located at the intersection of Bunker <br />Lake Boulevard and Azurite St ~ It is anticipated that the project will create at least 4 new <br />jobs paying a wage of at least $14'.00 Per hour inla two-year period. <br /> <br />The County Assessor has established: an iasseSsed taxable market value of 1,500,000. It is <br />anticipated that the project will generate !$~I,,185 dollars annually in taxes and approximately <br />$29,250 annually in tax capacity based on ial 1~2,528 square foot project size. The tax increment <br />generated per year will be approxjmate!y $24,00~ per year toward the TIF District, which would <br />be used to assist the City with itsphyment for public improvements and land acquisition costs. <br /> <br />The development agreement for:~'s projeetiis in excess of a 40-page document. The City has <br />utilized the consistent and standard format leXeePt for the dollar amounts specific to the project. <br />Any changes in the land use are passed tl~ough!to the City Attorney for his review. Given the <br />above, staff has attached the pertinent page~ 6g the agreement for Council review. As Council is <br />aware, the other sections deal With ind¢~ty, ~construction documents, prohibitions against <br />assignments, and transfer to the~ agreeme~nts to pay deficiencies. The entire agreement is <br />available at City Council requestl :~ <br /> <br />Council Action: ~ <br /> <br />Motion to authorize business subsidy agreement With Professional Properties, LLC <br /> <br />- and - <br /> <br />Motion to authorize execution of ia development agreement with Professional Properties, LLC, <br />contingent upon review by the City Attorney~ <br /> <br />Reviewed by: <br />City Administrator <br />Economic Development/TIF Specialist <br />Community Development Director <br /> <br />CC:03.08.05 <br /> <br />Copies also distributed to: <br />City Attorney <br /> <br /> <br />