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04/12/1999 Council Packet
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04/12/1999 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
04/12/1999
Council Meeting Type
Regular
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STAFF OR tl `Q Brian Wesel <br />DATE: 4112/99 <br />TO onsidera of tl a Cun t for Private velopmentitwreen <br />no Lakes ESA ar <br />Lakes usi Center Phases 5, 6, 7 & E <br />This devel nt c ontr amines tha conditions for assistance to Lino <br />Lakes Business Center {Bid } for #tte construction o r additional light <br />industrial leasable buildings. Ttu site is six formerly corned by Ha wkins <br />Ch e cal (see heed }. Th+e duper plan to build a total of 84,2ik� <br />square fit by end of year. The total rninirnum market value { of <br />the lete+d l will 3,329,7. <br />The earlier: of the Limit Lakesiness Center have provided <br />appro on tl base to t #y. Thy' h also <br />at toted excel t core r s and good paying jobs to the busi park, as <br />well as pro fa lilies for Ba sting businesses to grow and stay within <br />In thls agree to provide maximurn gr unt € f tax ire <br />financing t ►532 , which e r 16°x► of lire I Ill 1/, The <br />removes the a n of i i upfront, and a rung T!W will <br />provided d on a pay -as- you-go basis top fir the cost of la cl and sfe <br />prep ` n argil lan irig The city r l bNe reimbursed first for the <br />a tints and then de ck w l receive rental increment <br />Estim pa is in 2007. <br />The developer requit t to s a 0,t escrow wl is ti is refundable in <br />increments as ,fie build are cons�c tech 1n the event all four buildings are <br />not tl by der er i of 2000, the developer It s the a crow for <br />un tact ngs and will nat be for any site preps tion costs. <br />This pr act is in<< ter TIF Die ct.1 -9, whi r requires a 10% local <br />272) from the . This c rib��n will be <br />avai ' gas the c y's local <br />
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