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~ CASE #2: REOUFSl' FOR CITY PARTICIPATION (TAX INCREMENT FINANCIK;) IN PROPOSED EXPANSION; CASE OF ALTRCN By: Comnunity Developnent Director Anne Norris \. Background: Altron, Inc. is proposing to expand the existing manufacturing facility by adding on another 27,000 square feet. Altron is requesting City participation in site irrq;>rovements for this expansion. These improvements include site filling and grading, parking lot grading, landscaping, drainage and security lighting. The pro:p::>sed project is located within Tax Increment Financing District No. 2 and Developnent District No.1. For your information, the follCMing items are enclosed: a) Site location map b) Proposed site plan c) Application for tax increment financing Cbservations: The City's tax increment financing policy requires Economic Development Commission review of all tax increment financing requests with respect to the fOllCMing: a) Will the request lead to an increase in full-time permanent employment opportunities in the City? b) Will the request allow for the expansion or retention of an existing local business? . c) Will the request lead to the development of certain publ ic improvements which will in turn attract additional future developnent? d) Will the request encourage/assist future developnent in the area? e) Will the request increase the tax base of the City? The preliminary cash flow projections for the project show that the proposed project will generate sufficient increment for the City to be able to participate in the project. Recommendation: Commission Action: lflOtion to: Recommend approval/denial of the request by Altron, Inc. for City participation in their proposed expansion. Review Checklist: Administrator ~ Attorney Engineer Community Developnent Director .lL Chief of Police Finance Officer Public Works Superintendent Bond Counsel .lL s