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CASE # <br /> <br /> PUBLIC HEARING TO CONSIDER EXECUTION OF <br />BUSINESS SUBSIDY AGREEMENT WITH DALAGER PROPERTIES, LLC <br />By: Michael Mulrooney, Development Consultant and <br /> Scan M. Sullivan, Economic Development / TIF Specialist <br /> <br />llackground: <br /> <br />Recently a development agreement with Dalager Properties, LLC has been negotiated with City <br />staff'. 'l'hc project includes the construction of a 40,000 square foot <br />oFlicc/warchouse/manufacturing building in the Fall of 2005. The building will be located at the <br />,qoutheas! Corner of Bunker Lake Boulevard and Sunwood Drive within Sunfish Lake Business <br />l'ark. [larbcr Industries, who will be occupying the building, currently has 27 full-time <br />cmployccs. It is anticipated that the project will create at least 9 new jobs paying a wage of at <br />least $14.00 per hour in a two-year period. <br /> <br />Thc County Assessor has established an assessed taxable market value of approximately <br />$2,200,000 fbr the project. It is anticipated that the project will generate $72,000 dollars <br />mmually iii taxes and approximately $43,250 annually in tax capacity. The estimated tax <br />increment to be generated is approximately $24,000 per year toward the TIF District, which <br />would be used to assist the City with its payment for public improvements associated with <br />Sunlish l~ake Business Park. <br /> <br />Thc development agreement for this project is in excess of a 40-page document. The City has <br />utili×cd the 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 />abt)vc, staff' has attached the pertinent pages of the agreement for Council review. As Council is <br />aware, lhe 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 att City Council request. <br /> <br />Council Action: <br /> <br />Mntion to authorize business subsidy agreement with Dalager Properties, LLC. <br /> <br />- &llld - <br /> <br />Motion to authorize execution of a development agreement with Dalager Properties, LLC, <br />contingent upon review by the City Attorney. <br /> <br />Reviewed by: City Attorney <br /> <br />C(~:09.13.05 <br /> <br /> <br />