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09/14/1998 Council Packet
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09/14/1998 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
09/14/1998
Council Meeting Type
Regular
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With the establishment of the Redevelopment Project and adoption of a <br />Redevelopment Plan, the EDA and JADT will negotiate a development <br />agreement. Staff suggests that key terms of that agreement include the <br />mechanism for reimbursing JADT the city portion of the taxes for up to $696,000 <br />or 10 years, whichever comes first. This amounts to approximately 7 percent of <br />the estimated market value of a fully developed Phase 1. Only net city taxes <br />generated by development will be reimbursed. Development of the critical core <br />of the shopping center- -the grocery/retail area - -will be required before any costs <br />are reimbursed. This ensures that the EDA will be assisting the type of <br />development it is seeking. The development agreement will also address Town <br />Center architectural design guidelines. As is always the case, the EDA will have <br />to review and approve the terms of the development agreement prior to its <br />execution by the parties. <br />OPTIONS: <br />1. Authorize the preparation of a Redevelopment Project Plan and direct staff to <br />proceed with the negotiations for a development agreement with JADT. <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1. <br />
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