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CCP 03-17-2003
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CCP 03-17-2003
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<br />f <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />~ <br />EN HILLS <br /> <br /> <br />MJi;MORANDUM <br /> <br />DATE: <br /> <br />Agenda Item 2. C. <br /> <br />March 12, 2003 <br /> <br />TO: <br /> <br />Mayor Beverly Aplikowski <br />Council Member David Grant <br />Council Member Brenda Holden <br />Council Member Gregg Larson <br />Council Member Lois Rem <br /> <br />Aaron Parrish, Interim City Administrator / Community Services Director /If'J <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Guidant Financial Assistance and Development Agreement Discussion <br /> <br />ENCLOSURES: <br /> <br />1. March 10, 2003 Letter from Dave Reimer <br />2. Draft Development Agreement <br /> <br />Assistance Rean,est <br /> <br />As indicated at the Council's March 4th, 2003 meeting, Guidant has submitted a specific <br />financial incentive request. They have indicated that they would like to pursue a ]0 year tax <br />abateIhent. The request contemplates 75% of the abatement going to Guidant and 25% going to <br />the City. Based on a market valuation of $24 million for the proposed expansion, the following <br />represents the potential revenue generation: <br /> <br /> Guidant's Ablltement Request <br />Guidant Portion (75%) Citv Portion (25%) Total <br />$434,654 $144,885 *579,538 <br /> <br />*The total contemplates one year of no assessment, one year of partial assessment, and 8 full years of abatement. Guidant's letter <br />indicates a market value of $22 million while the previously prepared projection contemplated $24 million, As such, the ultimate <br />value will be slightly less than shown above, <br /> <br />Of course, the Council could elect to provide an alternative request. Alternative percentage <br />allocations are outlined below: <br />
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