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Observations/Alternatives: <br /> General Project Description <br /> . 82 unit, Four Story Hilton Home 2 Hotel with hot breakfast and indoor pool; a Certificate of Occupancy 12 <br /> months after Closing (could be extended to 16 months based on supply chain issues or force majeure). If <br /> this is not done,the City may exercise the Right of Re-Entry. <br /> .Tax Assessed Value 5.9M <br /> .Estimated Taxes - $180,000 annually <br /> .21 new jobs to be created paying at least$18.22/hr <br /> .Catalyst project(provides more trips to COR and encourages investment in restaurants/retail) <br /> General Terms of Purchase Agreement(and Business Assistance Package) <br /> .Parcel: Outlot A, Gigi Addition-+/- 1.43 acres <br /> .Purchase Price and Valuation: The purchase price for the Property is $1.00 on+/- 1.43 acres (62,290 <br /> square feet) as outlined in Exhibit A(the "Purchase Price"). The property valuation is $311,454. ($5.00/SF) <br /> .$306,000 in Pay-Go TIF Note for Site Development/Improvements (NEW REQUEST) <br /> .Inspection Period: 180 days <br /> .Right of Re-Entry Required <br /> .Reimbursement of Platting costs up to $3,500 if project proceeds. <br /> Business Assistance Application Review <br /> Review and analysis of the Business Assistance Package has been completed by City Staff and Ehler's. The <br /> project scores a 29.5 which is a moderate to high score for our project rating system. Analysis by Ehlers supports <br /> the need for assistance for this project, its supports the TIF "But-For"test and does not unduly enrich the <br /> developer. <br /> Next Steps (Future Meetings) <br /> In the event that the Developer is comfortable with the assistance package recommended, staff will begin to work <br /> with Ehlers and Taft Law to put together a TIF Agreement outlining the terms and conditions of the financial <br /> assistance and business subsidy. A public hearing will be held at a later date for the City Council to consider <br /> approval of the business subsidy. The Developer will submit a site plan/plat application for review and <br /> approval by the Planning Commission and City Council. The site plan and TIF Assistance process will run <br /> concurrently. <br /> Alternatives: <br /> 1) EDA Recommendation to the City Council to approve Business Assistance and a TIF Agreement in the form <br /> of$311,454 in TIF Land Cost Write Down and$306,000 if Pay-Go TIF for Site Development/Improvements (as <br /> presented); subject to City Attorney Review (Staff recommendation). <br /> 2) EDA Recommendation to the City Council to approve Business Assistance and a TIF Agreement in <br /> the form of$311,454 in TIF Land Cost Write Down and $306,000 if Pay-Go TIF for Site <br /> Development/Improvements (with changes); subject to City Attorney Review <br /> 3) Something else. <br /> Funding Source: <br /> This case is being handled as part of normal Staff duties. If financial assistance is provided, TIF District 14 will <br /> be the funding source. <br /> Recommendation: <br /> Staff recommends an EDA Recommendation to the City Council to approve Business Assistance and a TI F <br /> Agreement in the form of$311,454 in TIF Land Cost Write Down and $306,000 if Pay-Go TIF for Site <br /> Development/Improvements (as presented); subject to City Attorney Review. <br /> Action: <br />