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AGENDA ITEM 3 <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 Emergency Apparatus Maintenance (EAM) <br />BACKGROUND: <br />A development contract between the EDA and EAM outlines the conditions 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 />of the total project cost, with a complete payback to the EDA within 4 1/2 years. <br />OPTIONS: <br />1. Approve the contract for private development between Lino Lakes EDA and <br />EAM. <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />