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kQXkSHj <br />H+--Jf 7F <br />REQUEST FOR CITY COUNCIL ACTION <br />DATE: 01/13/2014 <br />ITEM NO: 13.a <br />Dep 3en, Approval City Manager Approval <br />Item Description: Discuss the Redevelopment of the Dorso property, Tax Increment <br />Financing (TIF) assistance, and Waiver of the Environmental Assessment <br />Worksheet (EAW) Requirement <br />1 BACKGROUND <br />2 The Dorso property is located at 2814 Cleveland Avenue and was the former home of American <br />3 Semi. The property currently includes the vacant 47,580 sq. ft. building and 10.11 acres over <br />4 three existing parcels. The City was recently approached by representatives of Colliers <br />5 International who are seeking to assist with the development of a medical device maker on the <br />6 Dorso property. <br />7 THE PROJECT <br />8 • World Headquarters for a medical device manufacturer <br />9 • 115,000 square feet on two stories <br />10 • Expandable by 30,000 square feet <br />11 • The company currently has 3 00 employees and proj ects to add 3 00 new j obs over the <br />12 next 2 -3 years with an average wage level of $75,000 <br />13 • Use is 79,000 square feet office and 36,000 square feet clean room /lab /manufacturing <br />14 /storage <br />15 • Two loading docks (expandable to three) <br />16 • Initial parking 5 3 3 stalls, additional 119 with Phase II <br />17 • Total project costs are expected to be more than $20 million (conceptual site plan — <br />18 Attachment A) <br />19 POLICY OBJECTIVE <br />20 Redevelopment of Twin Lakes has been a high priority for the City for many years. The <br />21 proposed world headquarters development is one of the key uses desired for the area and would <br />22 assist in achieving or furthering the goals of the Twin Lakes Redevelopment Area, especially <br />23 given the type of jobs this use would bring to our market place. <br />24 FINANCIAL IMPACTS <br />25 At this time, it is unknown what amount assistance for the project is needed, however a number <br />26 of areas such as environmental clean -up, soil correction, land cost and construction costs, have <br />27 been identified. The City has Tax Increment Financing District 17 and a Hazardous Substance <br />28 Subdistrict 17a within the Twin Lakes Redevelopment Area that can be used to fill the financial <br />29 gap for such items and the project is required to meet the criteria in the Twin Lakes Public <br />30 Financial Participation Framework (Attachment B). <br />PROJ00029_RCA_011314 (2).doc <br />Pagel of 3 <br />