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STA <br />DATE: <br />TOPIC: <br />A ITEM 4 <br />INATOR: Brian Wessel <br />4/28/97 <br />Consideration of the Contract for Private <br />Development between Lino Lakes EDA and Fairview <br />Health Services Inc. <br />BACKGROUND: <br />A development contract between the EDA and Fairview outlines the conditions <br />for pudic assistance towards assessments and site preparation <br />In tile' eement the EDA will remove the special assessments of $56,506.64 <br />on the property Fairview is purchasing in the Village, and will reimburse <br />$8,000 in administrative fees when the Certificate of Occupancy is issued. The <br />EDA will agree to pay $65,493.36 in site preparation costs on a pay-as-you-go <br />basis, for a total of $130,000 in TIF assistance. This TIF assistance amounts to <br />12% of the total project cost, with a complete payback within four years. <br />OPTIONS: <br />1. Approve the contract for private development be <br />Fairview Health Services, Inc. <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />peen Lino Lakes EDA and <br />