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AGENDA ITEM 6 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 11/13/95 <br />TOPIC: Hearin on the proposed le of property to <br />Fogerty Development/Custom Remodelers <br />BACKGROUND: <br />The Economic Development Authority has adopted the modification to Tax Increment <br />Financing District 1-7 to provide financial assistance to Fogerty Development/Custom <br />Remodelers to build a 32,000 square foot office/warehouse and lead space in the Apollo <br />Business Park. A public hearing is required when the EDA is writing down the cost of the <br />land for a proposed project. The EDA will purchase the property from the city and convey <br />it to the developer as outlined in the development agreement. <br />OPTIONS: <br />1. Open the public hearing <br />2. Continue the public hearing <br />RECOMMENDATION: <br />Option 1 <br />