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<br />Memo to Economic Development Authority <br />Page 3 <br />August 22, 2002 <br /> <br />. <br /> <br />As previously mentioned, staff would reiterate that the comparables used in the most <br />recent appraisal of the property are not appropriate. <br />3. Since we have yet to retain a commercial real estate broker, we would not have to pay the <br />10% commission. <br />4. Currently the property does not pay property taxes. With the addition of an office <br />building, the property would pay an estimated $87,539 in property taxes annually (The <br />$87,539 in property taxes assumes a market value of $4,000,000 for taxes payable in <br />2002). <br />5. The properly is currently located within a TIF district. As such, we would receive the <br />additional property taxes generated by this development on an annual basis until the TIF <br />District decertifies in 2014. Over the life of the district, this would translate into <br />$806,872, or enough to cover our gross expenses. See the attached TIF revenue <br />projections for additional information. <br /> <br />Requested Action <br /> <br />If the Commission is comfortable with the offer that has been proposed, it would be appropriate <br />to direct staff to negotiate a purchase agreement. This would be considered for formal approval . <br />at a future EDA meeting. <br /> <br />. <br />