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FOR COUNCIL ACTION DATE: 4-27-92 <br />& <br />ITEM NO** <br />Department Approval,.,, Manager Reviewed. Agenda Section.* <br />Reports and <br />Recommendations <br />Item Description. Authorization to enter into developmen <br />I <br />agreement with, Cisme <br />Background. <br />2 i <br />NlLelsein colmpletied, all, requirements on the Tharaldson site by <br />constructing 22,70101 f't. of' office service. Montage is the <br />major tenant 'in the facility, The City invested win the <br />project with, approximately $500,,000 and receives over $30,000 <br />'tax increment as well as $18,0 o the Cletys <br />In additil"on, $801,000 is due to the City based on the future <br />sa,le'of 'the building,., <br />Alternati"ve: <br />19 The City could let the site sit and, potentially, settl . e f or R <br />41 10 <br />development simllar to the previous truck repair project that <br />