09/28/1998 Council Packet - Laserfiche WebLink

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