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NIOUNDS VIEW ECOIVO�✓IIC I�EVELOPN�ENT �UT]Ei�R�� <br />REQUEST FOR EDA CONSIDERATI�N <br />STAFF REPORT <br />EDA �Yi�LTING DAT� May 23, 1994 <br />EDA Action: <br />❑ Special Order �f Business Agenda Section: �'B <br />❑ Public Hearings Report Number: EDA- - <br />❑ Conscnt Agencla Repurt Date: 5- - <br />� CDA Busincss <br />Iteni Dcscription: Consideration of Resolution No. 94-EDA4 Approving and Authorizing the <br />Execution of a Development Assistance Agreement with the Everest Group, Ltd, Regarding <br />Executive Director's I2eview/Recommendation: <br />- No comments to supplement this report <br />- Coiiinicnts attacl�ecl <br />Lxpl.ill.11lOq/SLLI11111:]ry (:�t[ach supplcmcnt shecls :is n�cessarY) <br />SUMN[ARY: <br />Attached for EDA consideration is the proposed Development <br />Agreement between Everest and the EDA regarding the development <br />project referred to as the C.G. Hill. The project consists of an <br />approximate 30, 000 square foot building to be located in the Mounds <br />View Business Park "East". The provisions for the Tax Increment <br />Assistance include: <br />1. Pay-As-You-Go TIF assistance in the amount of $196,000 to <br />reimburse the Developer for development costs. <br />2. The assistance will be packaged as a Revenue Note to be <br />paid to the Developer by the EDA from the increment <br />generated by the new development. The Developer will receive <br />85% of the new increment generated, the EDA will receive <br />150 of the new increment at a total reimbursement not to <br />exceed $196,000. The value of the property <br />will be frozen at the payable 1994 value (the land is <br />currently vacant land). <br />3. The term of the payback is 7 1/2 years - this is 18 months <br />longer than the 6 years that had originally been proposed. <br />4. The <br />Samantha <br />R�co`r�t�uD.aTto�: <br />t rate for the Revenue Note repayment is 7%. <br />uno� Execut�ive Director <br />Motion to waive the reading and approve/disapprove Resolution No. 94-EDA4 Approving and Authorizing <br />the Execution of a Development Assistant Agreement with the Everest Group, Ltd., Regarding C. G. Hill <br />Project and Authorize the President and Executive Director to Execute the Agreement. <br />