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MEW TO.- MAYOR AND CITY COUNCl/L� <br />FROM: CLERK-ADMTMTCTRnno <br />4 1 DATE: AIIC,UST 13, 1986 � <br />SUBJECT: JLN "EVELOPMENT TAX INCREMENT PROPOSAL <br />As has been previously reported to the City Council, staff has <br />been meeting with representatives of JLN Development, Inc. <br />regarding their proposal for the development of the Waste and <br />Beim properties. <br />As you may recall, the original proposal called for thr. <br />development of office/warehouse buildings, restaurants, and a <br />large shopping complex. This proposal has been revised to <br />provide for a restaurantioffice/service buildings, and office/ _. <br />warehouse buildings as outlined in the attached letter from JLN <br />dated August 12, 1986. <br />After three separate negotiation/discussion sessions between JLN <br />representatives and City staff (Don Pauley, Steve Thatcher, and <br />Walt Hartman, the Cil:y's tax increment consultant) a basic <br />proposal for a tax increment agreement, coPV attached, was <br />suhmitted by staff to JLN. From the written comments of JLN, it <br />would appear they wish to negotiate this proposal further, <br />however, staff feels that little is left for negotiation in order <br />tc Secure the interest of the City adequately. Should the <br />» Council dn.termine that they wish to pursue this proposal further, <br />/ a Tax Increment Plan will need to be prepared by our consultant. <br />Jr..,N has submitted $5,000 in escrow funds to secure the City's <br />costs for this Plan and any other necessary expenses. y <br />At the same time the City Council is considering the tax <br />increment portion of the proposal and preparing a Plan, the <br />Planning Commission will be reviewing the development proposal <br />and request for rezoning from B-3 to B-2 for the office/service <br />and restaurant portions of the project. in order to meet the 4 <br />September 30th deadline JLN has for fulfilling their purchase <br />options, assuming extensions cannot be negotiated or grapted, the i <br />following schedule has been prepared. 'X <br />8/18 Tax Increment proposal presented to Council at <br />agenda session <br />8/20 Planning Commission reviews site plan and <br />development proposal <br />0/25 Council authorizes preparation of plan and sets <br />public hearing <br />9/03 Tax Increment Plan presented to Planning Commission <br />9/08 Council reviews Planning Commission development <br />review recommendations and set public hearing <br />