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__ � ���__ »���: ; ,T <br />�� <br />I�tOUNDS VIEW ECON�IVIIC DEVELOPNIENT A�JTHOIaITY <br />REQUEST FOR EDA CONSII)E�TIOIV <br />STAFF REP�RT <br />EDA i1�IC�TING DATC May 23, 1994 <br />LDA Actiou: <br />❑ Specia( Order of Business Agenda Section: �• A <br />❑ Public Hearin3s Report Number: ED - - <br />❑ Cunsent Agencla Reporc Date: - ' <br />� CDA Busiucss <br />Itr:ni Dcscriptioii: Consideration of Resolution No. 94-EDAS Approving and Authorizing the <br />Execution of a Development Assistance Agreement with the Everest Group, Ltd., Regarding <br />�ulit-T ch Expansion <br />Yecutive �irectors Review/Recommendation: <br />- No comments to supplement tliis report <br />- Conuiicuts attacl�eci <br />Lxplanation/Sumntary (auacn supplen,cni snecis :u nccessary) <br />SUi�Ii�WRY: <br />The EDA has been negotiating the TIF assistance package with <br />Everest for the Multi-Tech expansion project for the past 18 <br />months. The result of the negotiations is the proposed <br />Development Agreement which is presented to the EDA for <br />consideration at the Monday, May 23, 1994 meeting. The <br />Agreement provides the following: <br />1. A"Pay-As-You-Go Tax Increment Financing assistance - the <br />base value of the development is frozen at pay 1994 <br />levels ($139,000) with 85% of the new increment paid to <br />reimburse the Developer for prepaid development costs <br />(land purchase, soil correction) and 15o paid to the <br />City, 10% administrative fees provided by law and 5% for <br />special TIF projects within the Project Area. <br />2. The increment payback will be in the form of a Revenue <br />Note (similar to the Sysco project) in which the money <br />will be repaid to the Developer only from the newly <br />generated inEr.ement and only to an amount not to exceed <br />$ 7 0 7 , ja�2'� <br />r�!/'— <br />Samantha O uno,�Executiv�Director <br />R�CO�li1E�D.-�7'ION: <br />Motion to waive the reading and approve/disapprove Resolution No. 94-EDA5 Approving and <br />Authorizing the Execution of a Development Assistance Agreement with the Everest Group, Ltd., <br />Regarding Multi Tech Expansion <br />