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I• I 11 Ill 1 0 * I <br />DATE: 5 /12 <br />100:0 • <br />It,em Description: Authorization 'to Sign Development Agreement with <br />FML @I <br />The Counc il . at its December, 16 1 1,98,51 �meeting approved the FML <br />[�IroJect asil part, of lthe TAX Increlment, District,, However, the <br />I # <br />.�,Iro3ect was not far enough along,, and thus was not included in <br />thile orig-i'mal bond issue,. F'M'L is now prepared to enter into an <br />agreement with the Clity regardin,g $50,000 worth of proposed public <br />al <br />Improvements on the site,., <br />This agrielement, will bell the first Play As You Go" for the City.1 <br />I <br />The increment,, 'in the range of $185,000 per year,, will be used to <br />melet the $50,000 obligation after the City's expenses are met. <br />Subsequently, the surplus increments will go to the City's pool <br />of increments for other pir,olect,s,,. <br />wdozm- <br />I <br />motion, approving/denying authorization to enter into Development <br />Agreement with, F'ML�. <br />