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<br />. <br /> <br />. <br /> <br />. <br /> <br />CASE #1: <br /> <br />DISCUSSION REGARDING INCUBATOR PROPOSAL BY <br />IRON WORKS DEVELOPMENT COMPANY <br /> <br />Background: <br /> <br />At its regular November meeting, the Economic Development Commission <br />requested additional information regarding the request for City <br />participation in an incubator project proposed by the Iron Works <br />Development Corporation. <br /> <br />Iron Works Development Corporation is proposing to construct a 15,000 <br />square foot building which would lease units of between 1,200 to 2,100 <br />square feet and offer a combination of warehouse and office space available <br />to small and/or gorwing businesses. Iron Works Development Corporation is <br />requesting City participation in order to lower their costs and pass these <br />savings on to tenants in the form of lower rental rates. Iron Works <br />Development Corporation is proposing common marketing and administrative <br />(phone answering and secretarial) services. The Iron Works Development <br />Corporation presented this request and their request for City participation <br />to the City Council. The City Council directed City staff and <br />Councilmember DeLuca to work with Iron Works Development Corporation on <br />this project. <br /> <br />On October 28, the City Council reviewed a proposal for City participation <br />in the incubator project which includes $163,391.00 for land, site <br />preparation, permit fees and utilities and $23,000.00 for marketing. The <br />City Council gave concept approval to the proposed level of City <br />participation and directed staff to work on a development agreement for <br />this project. <br /> <br />For your information, enclosed are the following items: <br /> <br />a. Letter and attachments dated September 30, 1986 from the Iron <br />Works Development Corporation <br />b. Letter and attachments dated October 14, 1986 from the Iron <br />Works Development Corporation <br />c. Letter and attachments dated October 27, 1986 from David <br />Hartley, City Administrator <br />d. Minutes from October 28, 1986 City Council meeting <br /> <br />Recommendation: <br /> <br />Commission Action: <br /> <br />Will be based on your discussion. <br /> <br />Review Checklist: <br /> <br />Administrator -1- <br />Attorney <br />Engineer <br />Community Development Director -X- <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />City Council <br /> <br />.JL <br /> <br />I <br />