Laserfiche WebLink
Q..,.-CASE # ~) <br /> <br />Release of Lot 4, Block 1, Sunfish Gateway Business Park from Development Agreement <br /> Sean M. Sullivan, Economic Development / TIF Specialist <br /> <br />Background: <br /> <br />On March 26, 2001 the City entered into a TIF agreement with Sharp and Associates. <br />The terms of the Agreement stated that Sharp and Associates must create at least <br />$3,000,000 in taxable market value on the total project located in Sunfish Gateway <br />Business Park. The project is currently valued at $5,873,300 which satisfies the <br />requirements of the Development Agreement. Sharp and Associates has sold off one of <br />the lots to a Colonial Tops, Inc: The new owner is trying to obtain financing to purchase <br />the property and the lien of the Development Agreement is posing problems with <br />obtaining that financing. <br /> <br />Recommendation: <br /> <br />Staff recommends Council to direct the City Attorney to draft and execute Partial Release <br />of Development Agreement for Lot 4, Block 1, Sunfish Gateway Business Park. <br /> <br />Council Action: <br /> <br />Direci City Attorney to draft and execute Partial Release of Development Agreement for <br />Lot 4, Block 1, Sunfish Gateway Business Park. <br /> <br />Reviewed by: <br />City Attorney <br /> <br />CC: 01.10.06 <br /> <br />-65- <br /> <br /> <br />