Laserfiche WebLink
CASE # <br /> <br />PUBLIC HEARING TO CONSIDER EXECUTION OF <br />BUSINESS SUBSIDY AGREEMENT WITH LH ROAD,LLC <br />By: Michael Mulrooney, Development Consultant and <br /> Seen M. Sullivan, Economic Development / TIF Specialist <br /> <br />Background: <br /> <br />Recently a development agreement with LH Road, LLC, dba Wildlife Research Center has been <br />negotiated with City staff. The project includes the construction of a 40,000 square foot <br />office/warehouse building in the Fall of 2005. The building will be located East of Azurite <br />Street NW within Sunfish Lake Business Park Third Addition. It is anticipated that the project <br />will create at least 4 new jobs paying a wage of at least $14.00 per hour in a two-year period. <br /> <br />'l'hc County Asscssor has established an assessed taxable market value of approximately <br />$2,000,000 for the project. It is anticipated that the project will generate $65,000 dollars <br />annually in taxes and approximately $39,250 annually in tax capacity. The tax increment <br />generated per year will be approximately $22,000 per year toward the TIF District, which would <br />be used to assist the City with its payment for public improvements associated with Sunfish Lake <br />Business Park. <br /> <br />ri'he development agreement for this project is in excess of a 40-page document. The City has <br />utilized thc consistent and standard format except for the dollar amounts specific to the project. <br />Any changes in the land use are passed through to the City Attorney for his review. Given the <br />above, staff has attached the pertinent pages of the agreement for Council review. As Council is <br />aware, thc other sections deal with indemnity, construction documents, prohibitions against <br />assignments, and transfer to the agreements to pay deficiencies. The entire agreement is <br />available at City Council request. <br /> <br />Council Action: <br /> <br />Motion to authorize business subsidy agreement with LH Road, LLC. <br /> <br />- and - <br /> <br />Motion to authorize execution of a development agreement with LH Road, LLC, contingent <br />upon review by the City Attorney. <br /> <br />Reviewed by: <br />City Administrator <br /> <br />Copies also distributed to: <br />City Attorney <br /> <br />CC:08.09.05 <br /> <br /> <br />