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AGENDA ITEM 3 <br />STAFF ORIGINATOR Brian Wessel <br />DATE <br />TOPIC <br />BACKGROUND <br />August 14, 1995 <br />Public Hearing on the proposed sale of property in the Apollo <br />Business Park to Mag-Con, Inc. <br />The Economic Development Authority approved Tax Increment Financing District 1-7 <br />to provide financial assistance to Mag-Con, Inc. to build a manufacturing facility in the <br />Apollo Business Park. The City Council passed an ordinance authorizing the sale of <br />city -owned property, which became effective July 20. A public hearing is also <br />required when the EDA is writing down the cost of the land for a proposed project. <br />The EDA will purchase the property from the city and convey it to Mag-Con at a <br />discounted price, as outlined in the development agreement. <br />OPTIONS <br />1. Open the public hearing <br />2. Continue the public hearing <br />RECOMMENDATION' <br />Option 1 <br />