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• AGENDA ITEM 3A <br />• <br />• <br />STAFF ORIGINATOR: <br />DATE: <br />TOPIC: <br />VOTE REQUIRED: <br />BACKGROUND: <br />Mary Alice Divine <br />09/22/03 <br />Consideration of Resolution No. 03 -06 approving the <br />Contract for Private Development between Lino <br />Lakes EDA and Panattoni Development, LLC <br />3/5 <br />This development contract outlines the conditions for public assistance to <br />Panattoni for the construction of a 265,000- square foot facility on 13.47 acres in <br />the Marshan Lake Industrial Park. The proposed facility will have a market value <br />of $9,751,500 for an estimated $290,000 in total annual taxes (including the <br />state tax on C/I that cannot be used to generate TIF). <br />This agreement is based on a total pay -as- you -go TIF subsidy of $638,400 for <br />qualifying reimbursable site improvement costs paid over five years in <br />increments of $127,680 per year. Payback starts in August 2006 and concludes <br />in February 2011. <br />The development agreement also specifies that Panattoni will be required to <br />operate the building as a manufacturing, warehouse or distribution facility in Lino <br />Lakes for a minimum of five years, and specifies the wage and job goals that <br />must be met within two years of occupancy. <br />The agreement also incorporates submission of a letter of credit for 35% of the <br />site improvements costs. <br />OPTIONS: <br />1. Approve Resolution No. 03 -06 authorizing a Contract for Private <br />Development between Lino Lakes EDA and Panattoni Development, LLC <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />