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10%EQUEST FOR COUNCIL ACTION DATE.o 9/22/86 <br />1: TEM NO qP 0 E <br />Department Ap-Piroval: <br />06 <br />Manager Reviewed: <br />Agenda <br />Section: <br />Reports <br />and Recommendations <br />I tem, Descr ipt ion Authorization to enter into Development Agreement. <br />with Brutger's Ciolmpani'es. <br />d <br />A,d,raft Development Agreement is currently in 'its final negotiation <br />stagesil regarding the Brutiger's apartment prolect (Highway 36 and <br />d 9 <br />Victoria,),,, The Agreement, whi-ch is virtually identical to the one <br />I <br />that 'was pireviou,sly authorized for FM"L,,i allows, the City to offset <br />I <br />Brutger's, costs. for soil correction,si and pub!3*.c utilities. The City's <br />Lnaxi',mum ciormnitment would be $50.,500,.00. <br />Thi,s tax increment priollecit, is structured on a pay as you go basis, <br />thus,,, the CiAty will not be doing any 1111 up, front" bonding, but reimbursing <br />the developer as the increments beclome available. <br />I Al a <br />,Motion approving/dienying author izat 'loin to enter "into Development Agree- <br />ment with, Brutger"s Companies,. <br />