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MEMO <br /> DATE : October 2, 1997 <br /> TO Honorable Mayor and Council <br /> FROM : Jim March <br /> RE Odyssey Lures Developers Agreement <br /> Mr. Steve Bubul of Kennedy and Graven has prepared a developer's <br /> agreement between the City of Centerville and Esox Holdings, LLC. <br /> The building will be approximately 12,000 square feet. The <br /> assessed valuation of the building will be at least $796,200. <br /> There was significantly more eligible expenses than could be <br /> reimbursed through the use of tax increment. As Council earlier <br /> agreed, the City will be offering 90% of the tax increment <br /> generated. This building and business will be a great asset for <br /> the City. Through our strategic planning session, business <br /> retention and expansion was a top priority. This project will <br /> denote a great stride towards working to this goal. <br /> This project would not have occurred without the assistance of <br /> tax increment. The financing available for the building <br /> construction hinged on the City's participation in this project. <br /> The use of tax increment allows the City to invest into our own <br /> future. <br /> As indicated by Mr. Tuomi, Odyssey Lures looked outside of <br /> Centerville for possible expansion. I believe the Council's pro <br /> business attitude helped retain this business in the community. <br /> I would recommend approving the developer's agreement with ESOX <br /> Holdings. <br />