Laserfiche WebLink
AGENDA ITEM 3 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 3/24/97 <br />TOPIC: Contract for Private Development between <br />Lakes EDA and Lino Lakes Business Center <br />Phases 2,3,4,5 <br />BACKGROUND: <br />A development contract between the EDA and Fogerty Investments outlines the <br />conditions for public assistance and for the conveyance of city property to the <br />company. Fogerty Investments is purchasing a 5.5-acre parcel and a 1.63-acre <br />parcel in the Apollo Business Park. Land and assessments for both parcels total <br />$451,290. <br />In this agreement the EDA will provide assistance totaling $390,000, or 12% of <br />the total project cost. A portion of the assistance ($108,900) will be paid upon <br />issuance of the Certificate of Completion of the first two buildings toward land <br />costs and a portion of administrative fees. The remaining assistance ($281,100) <br />is on a phased pay-as-you-go basis to cover the remaining land costs and a <br />portion of site preparation. In the agreement the developer receives assistance <br />based upon performance, and forfeits a percentage of pay-as-you-go TIF for any <br />phase that remains unbuilt by the end of 1999. <br />OPTIONS: <br />1. Approve the contract for private development between Lino Lakes EDA and <br />Lino Lakes Business Center Phases 2, 3, 4, 5 <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />