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STAFF ORIGINATOR: R: Brian Wessel <br />DATE: 7/8/9 <br />TOPIC: Consideration of the Contract for Private Development between Lino <br />Lakes EDA and Emergency Apparatus Maintenance (EAM) <br />BACKGROXIND; <br />A development contract between the EDA and EAM outlines the c itions for <br />public assistance and for the conveyance of city property to the company. EAM <br />is purchasing 1.12 acres of land in the Apollo Business Park. Land, <br />assessments, and admininstrative fees total $75,276.39. <br />In this agreement the EDA will remove the special assessments of $27,596.39 <br />on the property, and write down $9,654 toward EAM's purchase of the land and <br />administrative fees, for a total of $37,250.39 in TIF assistance. EAM will pay the <br />remaining $38,026 on the land at closing. This TIF assistance amounts to 14% <br />the total proms cost, with a complete payback to the EDA within 41/2 years. <br />act for private development between L <br />