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AGENDA ITEM 5 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 7/8/96 <br />TOPIC: Consideration of the Contract for Private Development between Lino <br />Lakes EDA and Blue Heron Development Corporation <br />BACKGROUND; <br />This development contract between the EDA and Blue Heron Development <br />Corporation opines the conditions for public assistance. The cost of the 3.09 <br />acres of land, plus, assessments and administrative fees, total $205,081.79. The <br />EDA's TIF subsidy totals $146,421.79. The assessments and reimbursement of <br />administrative fees will be disbursed to Blue Heron upfront when the Certificate <br />of Completion is issued. A total of $61,850 toward the cost of the land will be <br />reimbursed to Blue Heron on a pay-as-you-go basis. Blue Heron is contributing <br />$93.660 in costs in this second phase of development. The TIF subsidy is 12% <br />total project cost and reimbursement will be complete in less than 3 years. <br />4PTI <br />1. Approve the contract for private development between <br />Blue Heron Development Corporation <br />2. Return to staff for further consideration <br />RECOMMENDATION; <br />