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AGENDA ITEM 3 <br />STAFF ORIGINATOR Brian Wessel, Community Development Director <br />DATE September 11, 1995 <br />TOPIC Consideration of Resolution 95-10 authorizing preparation <br />of a modification of Tax Increment Financing District 1-7, <br />Apollo Business Park <br />BACKGROUND <br />.................................................... <br />Developer Bill Fogerty and Custom Remodelers, Inc. are purchasing 3 acres of land in <br />the city -owned portion of the Apollo Business Park to construct a 30,000 square foot <br />facility. Custom Remodelers will occupy 15,000 square feet for an office/warehousing <br />facility, and Mr. Fogerty will lease the remaining space. The modification to the Tax <br />Increment Financing Plan for TIF District 1-7 will provide assistance to the partnership. <br />Once the EDA authorizes preparation of the plan, the city council can set a date for <br />a public hearing. <br />...................................... <br />..................................... <br />OPTIONS <br />1. Adopt the resolution authorizing preparation of a modified tax increment financing <br />plan for TIF District No. 1-7 <br />2. Return to staff for further consideration <br />RECOMMENDATION <br />Option 1 <br />