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Funding for the assistance would come from the establishment of a new Economic Development TIF District (TIF <br />District #17). The Developer is responsible for the cost of application review through the establishment of Escrow <br />of $10,000. <br />Recommendation: <br />Staff is comfortable accepting the business subsidy request application. Staff believes this request needs to be <br />underwritten and checked against our policies. Staff believes the request made by the Developer appears to be <br />reasonable for the City to further considerfrom a preliminary/ high-level perspective. <br />EDA Review <br />• The EDA reviewed this case on 04/11. The EDA discussed the project in great detail. <br />• The EDA was supportive of accepting the attached application and calling for a public hearing. <br />• The EDA was excited for this project, and was comfortable with the proposal from SLP EX, LLC and AMP <br />EX, LLC (from a preliminary perspective), and desires to find a reasonable solution to move this project <br />forward. <br />• The EDA is interested in the results from the financial underwriting process (from Ehlers). <br />Staff recommends adoption of Resolution #19-116 Calling for a Public Hearing by the City Council on the <br />Proposed Adoption of a Modification to the Development Program for Development District No. 1 and the <br />Proposed Establishment of Tax Increment Financing District No. 17: Delta Mod Tech Therein and Adoption of the <br />Tax Increment Financing Plan. <br />Action: <br />Motion to adopt Resolution #19-116 to Accept Business Subsidy Application and Call for a Public Hearing by the <br />City Council on the Proposed Adoption of a Modification to the Development Program for Development District <br />No. 1 and the Proposed Establishment of Tax Increment Financing District No. 17. <br />Resolution #19-116 <br />Business Assistance Application <br />Site Plan Concept and Elevations <br />Preliminary TIF Run 185,000 SF Building <br />Proposed Schedule <br />TIF Background <br />TIF Basics <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Sean Sullivan (Originator) Sean Sullivan 05/09/2019 02:08 PM <br />Tim Gladhill Sean Sullivan 05/09/2019 02:08 PM <br />Sean Sullivan (Originator) Sean Sullivan 05/09/2019 02:09 PM <br />Kurt Ulrich Kurt Ulrich 05/09/2019 02:43 PM <br />Tim Gladhill Tim Gladhill 05/09/2019 02:48 PM <br />Form Started By: Sean Sullivan Started On: 04/26/2019 10:01 AM <br />Final Approval Date: 05/09/2019 <br />