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<br />II.~ .~ <br />.BRI~ <br /> <br />the City that works [or yOll <br /> <br />Re ort Number: <br />A enda Section: <br />Re ort Date <br />Council Meetin <br /> <br /> <br />REQUEST FOR COUNCIL CONSIDERATION <br /> <br />ITEM DESCRIPTION: Establish Public Hearing Date for Proposed Tax Increment Financing <br />District on former Marv's Transmission Site at 715 Old Hi wa 8 NW. <br />DEPARTMENT HEAD'S APPROVAL: Grant Fernelius, Director of Community Development <br />~ <br /> <br />CITY MANAGER'S APPROVAL: <br /> <br /> <br />Comments attached <br /> <br />No comments to su lernent this re <br /> <br />Recommendation: <br /> <br />Staff recommends that the City Council adopt the attached resolution establishing a public <br />hearing for August 8, 2006 regarding creation of a tax increment financing district for the former <br />Marv's Transmission site at 715 Old Highway 8 NW. <br /> <br />Legislative History: <br /> <br />None <br /> <br />Financial Impact: <br /> <br />Creation ofthe tax increment financing district will help the City recoup its investment in the <br />property. Details about the proposed TIF district and cash flow analysis will be provided at the <br />August 8th public hearing. <br /> <br />Explanation: <br /> <br />Last year the City COlillcil approved the purchase of Mar v's Transmission for redevelopment <br />purposes. This past spring, the Council authorized staff to solicit development proposals for the <br />property. Over the course of the last few months, staff has been negotiating with the developers, <br />John Stenglein and Peter Murlowski, for a small office development (6,000 square feet). Details <br />on the development and a term sheet are under negotiations and will be presented later this <br />month or in early July. The legislative action on June 13th is to establish the date for the public <br />hearing. <br /> <br />Costs and Funding: <br /> <br />~~ <br /> <br />Grant Fer~us, <br />Director of Community Development <br /> <br />J:\COUNCJL\REPORTS\2006\CQmmunity Development\06-13-2006\Marv's Transmission (TIF Public Hearing-I).doc <br />