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<br />10 Minutes CASE i5: <br /> <br />AU'IBORIZE EXEal'I'ION OF PRELIMINARY <br />DEVELOPMENl' 1lGREEMENT wrm MR. GEX:>K;E <br />~ AND RIVER'S BEND PROPERTIES <br />By: Anne Norris, Community Developnent Director <br /> <br />Background: <br /> <br />At its last meeting the City Council directed Staff to draft a preliminary <br />developnent agreement regarding the apartment project proposed for Lot 2, Block <br />1, Oxbow Properties. As you recall, Mr. George Carlson and River's Bend <br />Properties have submitted an application for tax increment financing assistance <br />for site improvements and land costs totalling $175,000 for this project. <br /> <br />The preliminary developnent agreement outlines the conditions for the City to <br />use tax increment financing to p3.rticipate in the project. In addition, the <br />agreement authorizes the City Engineer to prepare plans and specifications for <br />the project's site improvements once the developer has deposted a financial <br />commitment to the project with the City. <br /> <br />A draft of the preliminary agreement will be available at the meeting. <br /> <br />Recommendation: <br /> <br />Council Action: <br /> <br />Motion to: <br />Authorize execution of the preliminary development agreement with Mr. <br />George Carlson and River's Bend Properties. <br /> <br />Review Checklist: <br /> <br />Administrator L <br />Attorney <br />Engineer ~ <br />Community Developnent Director X <br />Economic Developnent Commission L <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />Planning and Zoning Commission <br />Bond Counsel <br /> <br />.L. <br />..L <br /> <br /> <br />'=I) <br />