05-23-1994 - Laserfiche WebLink

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EDA Page Alio Regular Meeting May 23, 1.4 EDA BUSINESS A, Consideration, of Resolution No. '9.4-EDA5 Approving and Authorizing the Execution of a Development Assistance Agreement with the Everest Group, Ltd. , Regarding Multi Tech. Expansion Samantha OrduiO, Executive Director, reviewed the .TIF assistance : package which had been negotiated with Everest for the Multi-Tech expansion project. Orduno .reported that the result of the negotiations IS the proposed bevelopment Agreement which is a. "Pay As-You-Go-Tax Increment . Financing assistance" and the increment payback will .be .`in the form of a RevenueNote : inwhich the money will be repaid to the, Developer only from the<•newly generated increment. Orduno explained that this project will .generate over 150 additional jobs at. Multi-Tech over a "5 year period and that the project keeps in. Mounds Viewa valuable and well respected business, which has exhibited the spirit and practice of. public/private partnerships. Orduno noted that the Development Agreement should be contingent • upon the successful resolution of the park dedication fees with the City - draft dated 5/23/94. •' MOTIOFISECOND: :Wuori%Trude to Adopt Resolution No. , 94-EDA5 Approving and Authorizing the Execution of a Development Assistance Agreement with the Everest Group Ltd. , Regarding Multi-Tech Expansion As- Amended VOTE: 4 ayes 0 nays Motion Carried . B. Consideration of Resolution No. 94-EDA4 Approving and Authorizing the Ekecution o'f- a Development ,Assistance Agreement with Everest • Group, Ltd, , Regarding C G. Hill Orduno reported that the development project referred to as the C. G. Hill project consists of an approximate 30, 000 square foot building to be located in the Mounds View Business Park "East" The provisions for the Tax Increment Assistance include "Pay-As-You-Go" TIF..assistance in the amount of $196, 000 to reimburse the 'Developer for the development costs. The assistance will be packaged as a Revenue Note to be paid to the Developer by the EDA from the increment generated by the new development. The proejct, which is anticipated to be completed by December 31; 1994 , will be one of the final parcels to be occupied in the Mounds View Business Park, East. Orduno again recommended that they approval of the Development, Agreement be contingent upon the successft; l resolution of the parigli dedication fees with the City .- draft dated 5/23/94 .