CCP 02-16-1993 - Laserfiche WebLink

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. Arden Hills Page Two Mayor and Councilmembers February 12, 1993 2. Marketing Everest will actively and aggressively market the property to suitable users, including both prospects that seek to lease and prospects that seek to own. When appropriate, and where the mutual goals of Everest and the City can be achieved, Everest will proceed with acquisi tion of necessary land and development thereof, all consistent with the agreed preliminary plan. 3. Tax Increment Financing The City, utilizing the redevelopment district already established, will make tax increment financing assistance available for proposed development. We would propose a flexible TIF program which would permit either "up front" or "pay as you go" assistance for development. The approach utilized will largely depend on the circumstances surrounding the transaction, with the intent that II up front" TIF would be utilized only in situations where the "pay as you go approach" would not effectively secure the . development opportunity. In either easel TIF proceeds would be applied to the following items, in the noted priority: a. To defray the expense of public improvements associated with and necessary to support the development contemplated in the GB District; b. To reimburse Everest for qualifying development costs including land write down; c. Any excess funds remaining following payment of the foregoing expenses, would be distributed to the City for application and distribution in such manner as the city would deem appropriate. The level of the assistance available will be controlled and determined by the level of development which occurs. Obviously, funds available for assistance will increase as the incremental value of development increases. 4. Development Rights In exchange for the undertakings by Everest, as set forth above, the City will grant Everest the exclusive TIF . supported development rights with respect to the GB