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AGENDA ITEM NO. 4B <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 12/18/95 <br />TOPIC: Resolution authorizing execution of reimbursements of development <br />agreements. RESOLUTION NO. 95 195 <br />BACKGROUND: <br />The EDA has entered into a series of development agreements with businesses <br />moving into the Apollo Business Park. In these agreements, the EDA has <br />assumed revenue obligations on behalf of the city. There has been no formal <br />agreement between the city and the EDA for transferring funds from the EDA to <br />the city. This resolution states that the EDA agrees to repay its obligation with <br />interest to the city out of tax increment, as increment is received. <br />OPTIONS: <br />1. Approve the resolution authorizing execution of reimbursements of <br />development agreements. Resolution No. 95 - 195 <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />