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I I I Council Meeting Minutes January 25, 1994 Page 11 Council Business. continued Community Development Director Kevin Locke presented for consideration the preparation of a development agreement with Cheetah Precision. The site is within TIF District #16 and is identified in the Highway 8 Corridor Plan as site #12. Because the cost of acquisition, clearance and site improvement will be high; Cheetah is asking for tax increment assistance from the City. The expansion is consistent with the plan and TIP assistance would be allowable. The proposed terms involve: constructing a 6,000 sq. ft. building in Phase 1 with an estimate market value of $167,000; Phase 1 completion by December 31, 1994; City provides $27,500 in assistance; City provides assistance for Phase 2 in the amount of $6.88 per sq. ft. beyond the original 6,000 sq. ft. up to a maximum of $41,280; Phase 2 completion by December 31, 1996 with a minimum market value of $24/sq. ft.; and assistance will be provided after construction completion. Cheetah agrees to the proposed terms and are acceptable to the City. Cheetah is prepared to make a $2,500 deposit to cover the cost to prepare a development agreement. Cheetah would like to begin construction this spring. Locke confirmed that the payback period for the assistance is 13 years. Motion by Williams, seconded by Samuelson, to AUlHORIZE AND DIRECT STAFF TO HAVE PREPARE A DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY AND CHEETAH PRECISION. 4 Ayes - 0 Nayes, Motion Carried. Williams would like a tour of the new facility after completion. Mattila presented the site plan review and setback variance for Northco - Accurate Components Sales. The site plan complies with 1-2 and parking standards, expect for a portion of the east parking lot which requires a 25 ft. setback variance. The revised site plan locates the two parking lots 20 ft. further back from the 2nd St. right-of-way and brings it into compliance. However, a portion of the easterly parking lot would be located 15 ft. from the bulb of the 2nd St. right-of-way and requires a 25 ft. setback variance. The increased right-of-way area needed to accommodate the bulb creates the need for the variance. The unique circumstance is the irregular COnfiguration created by the bulb on the southwest comer of the lot. The City previously allowed a similar variance to the neighboring Health One site. The westerly parking lot is proposed to be setback 20 ft. from the 5th Ave. rfght-Qf- way. The reduced setback could be allowed by special permission from the.COUIlcil, . as part of the site plan approval process. Considering the larger 5th Ave. setllilcks;.. for US Tire, Hypro, and Printcraft, staff felt a similar setback should bemainiained for the site. However, the site will allow for a 13 ft. wide green area between tho'--'''.--- building and parking area in addition to the 20 ft. setback along 5th Ave. whIch will- soften the proposed uses and right-<>f-way. -- Council Business Cheetah Precision Development Agreement Report 94-024 Accurate Components Site Plan Report 94-026 Resolution 94-015