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REQUEST FOR COUNCIL ACTION DATE: B-28-89 <br />ITEM NO. : P - <br />Department Approval. Manager Reviewed,, Agenda Section. <br />Reports and Recommendations <br />6 <br />Ctem. D�esicr ipt ion Authorization to enter 'into a development <br />agreement with Bradford Schools, <br />i <br />During the last two C ilty Council Work Sessions,, the staf f ha <br />,discussed the Bradford Schools tax increment financing request <br />1* <br />Originally, Bradford, had, requested, $1330,000 for soil corrections <br />'The staff was insitructied to work with Bradford with respect-to <br />modif ied Proposal. <br />A modified Proposal was submitted 'in which the rate of return wa <br />reduced from 8.,091% to 7,,47% and thus, the Bradford request wa <br />li <br />riedu,ceild from $330,000 to $1251r000w Based on the projecte <br />1h 0 <br />i,n,cremen,t,i the City's obligation would be completed 'in three years.1 <br />V N <br />Staff' has also reviewed, a similar project in which TIF was used fo <br />0 <br />il, correction,. In comparing the projects the following wa <br />sol <br />ascertained: <br />CITY INVESTMENT <br />PROJECT PER JOB <br />1.1 Rosedale Corporate (Soil Correction) $4,103 per employee <br />2. Bradford, (Sloil Correction) $2,777 per employee <br />If the Council should, determine that this is a viable • project, staff <br />should be authorized to enter into a development with Bradford <br />a <br />Sichoolsi and, to bring back the appropriate modifications with respect <br />p <br />to, the, existing tax increment district,, <br />1C.10UNCIL ACTION REQUESTED: Motion to approve/deny authorization t <br />enter into a development agreement witl <br />Bradford, Sc'Vools, <br />