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c\\.1 °f Little Can , <br />COMMUNITY PRIDE <br />1953 - 2003 <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAY: (651) 766 -4048 <br />mmm. ci.li the -ca nada. m n. us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: July 3, 2003 <br />RE: Hearing on Business Subsidy for Sherman Project <br />MAYOR <br />Michael I. Fahey <br />COUNCIL, <br />Jim LaValle <br />Matt Anderson <br />Rick Montour <br />Bill Blesener <br />ADMINISTTh -ITOR <br />Joel It. Hanson <br />Pursuant to Statutory requirements, the EDA and the City must hold a joint hearing on the proposed <br />business subsidy for the commercial redevelopment components we are proposing to undertake with <br />Sherman Associates. Attached is the draft language from the proposed development agreement that <br />covers this topic. I've also attached the business subsidy criteria we adopted back in 1999. <br />The value of the subsidy is based on the costs of the Budget Power, Guerin, DeLonais property less land <br />sale proceeds. The job goals are set a low level because the developer is not sure of the tenant mix and <br />does not want to lock into something that is unattainable. (In the recent Livable Communities <br />application, job creation projections totaled 177.) <br />Staff would recommend approval of the business subsidy arrangements as outlined. <br />cc: Guerin Family Partnership <br />