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AGENDA ITEM 4 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 12/14/95 <br />TOPIC: Resolution No. 95-17 authorizing execution of reimbursements of <br />development agreements <br />BACKGROUND: <br />The EDA has entered into a series of development agreements with businesses moving <br />into Apollo Business Park. In these agreements the EDA has assumed revenue obligations <br />on behalf of the city. Essentially, the EDA has been borrowing money from the city. <br />To date there has been no formal means for transferring of funds from the EDA to the <br />city. This resolution states that the EDA agrees to repay its obligations with interest to the <br />city out of tax increment, as increment is received. <br />OPTIONS: <br />1. Adopt Resolution No. 95-17 authorizing execution of reimbursements of <br />development agreements. <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />