06-22-1999 Council Agenda - Laserfiche WebLink

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c 4 / 29d ceask 515 Little Canada Road, Little Canada, MN 55117 -1600 (651) 484 -2177 / FAX: (651) 484 -4538 MEMORANDUM TO: Mayor Fahey & Members of the City Council FROM: Joel Hanson, City Administrator DATE: June 18, 1999 RE: Good Year Development Project MAYOR Michael I. Fahey COUNCIL Beverly Scalze Jim LaValle Steve Morelan Bob Pedersen ADMINISTRATOR Joel R. Hanson I have met with Perry Linn and representatives of RJ Marco. I outlined the provisions for a development agreement by which their project could proceed. They have agreed in concept to those provisions. However, the draft copy of the development agreement has not yet been received from Briggs & Morgan. I hope to have that by Monday and will try to have it finalized in time for Tuesday's meeting. (That may be a bit aggressive given the nature of this project.) The developers will be responsible for the first $345,000 of land acquisition costs. Costs beyond that would be reimbursed by a TIF note on a "pay as you go" basis. If you are interested in any other provision of this proposed development agreement, please let me know prior to Tuesday's meeting. We also need to create a tax increment financing plan for this project. After discussing this matter with Rusty Fifield, I am proposing we amend the Rice Street/Little Canada Road Redevelopment District (3 -2) Attached is a memo from Rusty Fifield detailing the nature of this program. He has also enclosed a resolution calling for a public hearing on the tax increment financing plan to be held on August 11`h. Another resolution calling for a joint public hearing by the City Council and EDA for the adoption of criteria for awarding business subsidies is enclosed. That hearing would also be held on August 11`h. I would recommend adoption of both resolutions at Tuesday's meeting. JRH:kpp PAGE 250