Laserfiche WebLink
<br /> <br /> <br />REQUEST FOR COMMISISON CONSIDERATION <br /> <br />ITEM DESCRIPTION: Review of Development and TIF Agreements for TIF District No. 34 <br />DEPARTMENT HEAD’S APPROVAL: <br />CITY MANAGER’S APPROVAL: <br />No comments to supplement this report ___ Comments attached ___ <br /> <br />Recommendations:  Review the proposed Development & TIF agreements for TIF District #34 <br /> Make recommendations to staff on needed changes (if any) such that the <br />Commission can recommend approval of the agreements by City Council. <br /> <br />Financial Impact:  Development of the subject properties under the proposed terms will <br />ensure the City receives payment in excess of the amount used to acquire <br />the development site. <br /> Establishment of TIF District #34 will have a significant impact on the local <br />tax base in the long-term. <br /> <br />Summary: The City’s development attorneys are continuing to pursue final draft <br />development agreements with both Dominium and Pulte, and a draft TIF <br />agreement with Dominium. The most current drafts of these agreements (as <br />of 3/29/19) are presented herein for commission review and comment. As <br />these have not been in hand long enough for staff to review, we too will be <br />giving them a look leading up to the meeting in preparation of the discussion. <br />What we can say right now is these are close to being finalized given the back <br />and forth that has occurred between our attorneys and both developers. <br />Staff is seeking a commission recommendation for Council to approve these <br />agreements once finalized by our attorneys. <br /> <br />Attachments: A) Draft Pulte Redevelopment Contract <br />B) Draft Dominium Redevelopment Contract (Senior) <br />C) Draft Dominium Redevelopment Contract (Workforce) <br />D) Draft Dominium TIF Assistance Contract <br /> <br /> <br />Agenda Section: VI <br />Item: 2 <br />Report Date: 03/29/19 <br /> Commission Meeting Date: 04/03/19