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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 2 <br /> IlfGUMS <br /> STAFF REPORT Report Number: 93-603WS <br /> EV Report Date: 9-2-93 <br /> AGENDA SESSION DATE September 7, 1993 <br /> DISPOSITION <br /> Item Description: Presentation by Everest Regarding TIF Proposal for Buildings M and N <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> ,SUMMARY; <br /> Attached please find numerous documents regarding Everest's request for tax <br /> increment assistance for development of Lots M and N of the Mounds View <br /> Business Park East (the remaining lots behind the Mounds View Inn, Taco <br /> Bell and KFC) . <br /> Building "M" is planned as a 30, 000 sq. ft. building which will be <br /> purchased by C.G. Hill to house an office and manufacturing (machine shop) <br /> business. Building "N" is planned as a speculation building with the <br /> possibility of one anchor tenant committed prior to construction. <br /> The TIF request is for a 13 year duration and a total pay-as-you-go <br /> increment of $553,761. <br /> What is important to note here is that Council action is not required at <br /> this meeting. The presentation by Everest will be one that will detail the <br /> proposal for you and present the opportunity for your questions. A <br /> separate, special meeting is suggested in which to discuss the Council's <br /> desired policies regarding Everest's current TIF requests and future <br /> requests that will undoubtedly come from other developers. <br /> Itis important-for the City-to establish criteria, standards-and Irolrci-e-s <br /> by w -i-ch--tax_-in-cr-ement--assistance__is__cons_idered__and__awar_ded. Past actions __ <br /> were not dictated by formal policies, as was true in most communities who <br /> were new to the tax increment financing market. However, with the <br /> limitations on TIF and other commitments the City has made to other <br /> redevelopment programs, it may be in the best interest of the City to <br /> formally establish policies by which the City will determine TIF assistance <br /> programs. <br /> Jim O'Meara has briefly reviewed Everest's request. His letter is attached. <br /> He has been on vacation for the past two weeks and therefore unable to <br /> render a more formal response to the request. Such a response will be <br /> drafted and presented to you at._the meeting on Tuesday (his first day back <br /> from vacation) . <br /> RECOMMENDATIONS Illi .ir01d is./ /i-eC <br /> 11, <br /> Samanth.• Or• .lo, City ± •ministrator <br />