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MEMORANDUM Date: November 121 1993 From: Rick Jopke U_ To: Steve Sarkozy Subject: CSM Proposal for the Former Ettinger Site at 2360 W. CoL�nty Road C. Backviound-. CSM is proposing to redevelop a parcel of land located at 2364 W. County Road C. The site is commonly known as the Ettinger site. The site is approximately 14 acres in size and is zoned I-2 General Industrial. The CSM proposal includes demolishing a portion of the existing building, reconfiguring, and modifying exterior appearance of the existing building, and adding two new office/warehouse buildings to the site. Total building square footage is anticipated to be approximately 215,000 sq. ft. CSM is currently in the design phase of the project and are preparing documents for'a planned unit development application, together with an application for replatting the property into three lots. CSM is also requesting tax increi-nentflnancing assistance. Their preliminary proposal is for two types of tax increment assistance. First, they are requesting that the City provide $1,340,,000 of tax increment primarily in the form of land write-down. This would be apay-as-you-go deal, which according to the applicant's analysis, would pay the City back in 20 years. The second form of tax increment financing assistance, which they are requesting, is that the City establish a hazardous soil subdistrict to help them clear up an existing soil contamination problem on the site. According to State statutes, the City can 110W set up a hazardous soil subdistrict to capture the base taxes now received from the site to help clean up the contamination. Staff is in the .process of analyzing the request to insure that it meets State statutes and City tax increment financing policies. Required ftiture City actions would include the-following, 1 . Planning Commission review of a PUD sketch plan. This is occured at the