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STAFF REPORT <br /> PAGE TWO <br /> MARCH 6, 1995 <br /> In 1994, discussions were open again for the development of Building N due to Everest's <br /> negotiations with a "mystery company". The proposal, which was done by Casserly, <br /> Molzahn & Associates, requested $808,441 for 9 years at 7% interest at an 85\15 split. <br /> Through these negotiations, the EDA made informal decisions with regards to parameters <br /> for use of TIF. Those parameters were outlined in a letter I sent to Tim Nelson dated <br /> August 5, 1994. I have attached this letter for your information. One of the key <br /> discussions was the City's desire to use TIF for an owner occupied building verses a <br /> leased facility. The EDA did note that they would consider a long term leased project <br /> (for at least the duration of the TIF agreement) if the EDA had prior knowledge of the <br /> company prior to signing an agreement. <br /> Everest has gone through the proper planning procedures for development of Building <br /> N. The council approved the development plan review, rezoning and platting of the <br /> property in October 1994. <br /> Tim Nelson will be present at the work session to again open negotiations for a TIF <br /> assistance agreement for Building N. <br />