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<br />CASE #2: <br /> <br />. <br /> <br />DISCUSSION REGARDING INCUBATOR PROPOSAL BY <br />IRON WORKS DEVELOPMENT CORPORATION <br />By: Community Development Director Anne Norris <br /> <br />Background: <br /> <br />As you know, the Commission has reviewed and discussed Iron Works Development <br />Corporation's proposal for an incubator facility. The Commission has expressed <br />its concerns to the Council regarding the level of City participation in this <br />project and whether the project is a "true incubator" or a private development <br />proposal. <br /> <br />As you recall, the Iron Works Development Corporation is proposing to construct <br />a 15,000 square foot building with units of 1,200-2,000 square feet for lease. <br />These units would offer a combination of warehouse and office space to healthy <br />small and growing businesses. Iron Works Development Corporation is proposing <br />to have common marketing, phone answering and secretarial services for tenants. <br /> <br />Iron Works Development Corporation is requesting City participation in the <br />project in order to reduce rent costs to tenants in the building. The City <br />Council has reviewed a proposal for City participation which includes <br />$163,391.00 for land, site preparation, permit fees and utilities and <br />$23,000.00 for marketing. The Council gave concept approval to the proposed <br />level of participation and directed staff to draft a development agreement for <br />this project. <br /> <br />. For your information, enclosed are the following items: <br /> a. Letter and attachments dated September 30, 1986 from the Iron Works <br /> Development Corporation <br /> b. Letter and attachments dated Oc tober 14, 1986 from the Iron Works <br /> Development Corporation <br /> c. Letter and attachments dated October 27, 1986 from David Hartley, <br /> City Administrator <br /> d. Minutes from October 28, 1986 City Council meeeting <br /> e. Letter dated November 4, 1986 from Iron Works Development Corporation <br /> <br />Recommendation: <br /> <br />Commission Action: <br /> <br />Will be based on your discussion. <br /> <br />Review Checklist: <br /> <br />. <br /> <br />Administrator -1l- <br />Attorney <br />Engineer <br />Community Development Director -K- <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />Ci ty Counc i1 <br /> <br />-1l- <br />