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PUBLIC HEARING: E1 <br />Apri123, 2003 <br />ITEM: Consider Approval of a Business Subsidy Agreement with Town Square <br />Apartments LLC, Falcon Heights Town Square Limited Partnership and <br />Town Square LLC <br />SUBMITTED BY: Heather Worthington, City Administrator <br />REVIEWED BY: Roger Knutson, City Attorney <br />EXPLANATION: <br />Summary: In 2002, the city created a TIF district encompassing the two commercial parcels <br />located on the SE Corner of Snelling and Larpenteur Avenues with the intention of providing <br />TIF assistance to the developer of the SE Corner-Sherman and Associates. This TIF district <br />will be a "pay as you go" district. In order to provide this subsidy, the city must have an <br />agreement in force with the developer. This agreement spells out the conditions placed upon the <br />parties. This agreement is required for the State of Minnesota and audit purposes. <br />ATTACHMENT: <br />• Business Subsidy Agreement <br />ACTION REQUESTED: <br />• Open public hearing <br />• Take public comment <br />• Close public hearing <br />• Council discussion <br />• Request approval of the Business Subsidy Agreement with Town Square Apartments LLC, <br />Falcon Heights Town Square Limited Partnership and Town Square LLC. <br />• <br /> <br />