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Council Memo Re: API <br /> April 8, 2011 <br /> Page 2 <br /> no later than December 31, 2011. This winter APi approached the City and requested a one year <br /> extension to these dates (May 15, 2012 and December 31, 2012). The company has been <br /> expanding and believes it will have a need for the second building within the next year. Staff <br /> requested that the company make an additional payment-in-lieu of tax increment for 2013 equal <br /> to $23,490. This is approximately the amount of annual taxes that would be generated by the <br /> second building upon completion. In the event the taxes for 2013 are greater than$23,490 there <br /> would be no PILOTI due to the City. <br /> Grant Fern <br /> Community Development Director <br /> Attachments <br /> I:\COUNCIUREPORTS\2011\Conununity Development\Council Report-APi Group Inc(2nd Amendmentl),doc <br />