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CASE # <br /> <br /> PUBLIC HEARING TO CONSIDER EXECUTION OF A <br />B US I N ESS SUBSIDY AGREEMENT WITH PREMIER COMMERCIAL PARTNERS, <br />LLC <br /> By: Scan M. Sullivan, Economic Development / TIF Specialist <br /> <br />Background: <br /> <br />Recently a development agreement with Premier Commercial Partners, LLC, has been <br />negotiated with City staff. The project includes the construction of two 6,000 square foot office. <br />buildings in the Spring of 2006. The buildings will be located on the southwest comer of <br />Riverdalc Drive and Highway 10. Premier Commercial Properties currently employs 6 people. <br />The Developer has committed to creating at least 8 newjobs paying a wage of at least $14.00 per <br />hour in a two-year period. <br /> <br />Thc County Assessor has established an assessed taxable market value of approximately <br />$1,900,000 for the project. It is anticipated that the project will generate $62,389 dollars <br />annually in taxes. The tax increment generated per year will be approximately $31,000 per year <br />toward thc TIF District, which would be used to assist the City with its payment for public <br />improvements and redevelopment associated with TIF District No. 4 as well as financing a <br />portion ol' this project. <br /> <br />'Fhc 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, stall' has attached the pertinent pages of the agreement for Council review. As Council is <br />aware, the 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 Premier Commercial Partners, LLC. <br /> <br />Motion to authorize execution of a development agreement with Premier Commercial Partners, <br />[,I,C, contingent upon review by the City Attorney. <br /> <br />Reviewed by: <br />City Administrator <br />Corem un i ty Development Director <br /> <br />Copies also distributed to: <br />City Attorney <br /> <br />CC:09.27.05 <br /> <br /> <br />