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future own the liquor store on a larger lot, plus have parking rights through the easement <br />agreement. The City is essentially made whole in this scenario as a real estate owner. However, <br />since the City’s lot increases, a small portion of the shopping center will become exempt from <br />property taxes. Staff has calculated that the City’s lost property taxes would currently be $1917. <br />Therefore, staff has negotiated a payment-in-lieu-of-taxes agreement (PILOT)with Tratz in the <br />annual amount of $1917 (plus an annual 4 percent inflation factor). <br />RECOMMENDATION <br />Staff recommends entry into the following agreements: <br />1) Reciprocal Easement and Restriction Agreement; <br />2) PILOT; <br />3) termination of common interest community agreement and recording of certificate of <br />termination; <br />4) quit claim deeds; and <br />5) other required ancillary real estate closing documents. <br /> <br />ATTACHMENTS <br />Exhibit A: Draft Reciprocal Easement and Restriction Agreement <br />Exhibit B: Draft PILOT <br />34