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<br />,r <br /> <br />... <br /> <br />~ <br />.i <br /> <br />REQUEST FOR COUNCIL ACTION <br /> <br />DATE: 7-12-93 <br />ITEM NO.: ~_ ~ <br /> <br />~ <br /> <br />Agenda Section: <br />Reports and <br />Recommendation <br /> <br />Department Approval: <br /> <br />~ <br /> <br />Manager Reviewed: <br /> <br />Item Description: <br /> <br />Authorization to execute a Development <br />Agreement with College Properties, Inc. <br /> <br />Backqround: <br /> <br />1. The City Council at it I S May 24, 1993 meeting authorized <br />staff to negotiate a Development Agreement with College <br />Properties Inc. concerning the issue of TIF funds for the <br />South Campus project on the former Pauls Place site. <br /> <br />2 . City legal staff has been working with representatives of <br />College properties Inc. and has completed a draft development <br />agreement. The major provisions of the agreement include the <br />following: <br /> <br />a. That there be a pay-as-you-go deal with no up front City <br />funding. <br /> <br />b. That the developer will reimburse the City for any LGA <br />and HACA penalties. <br /> <br />c. That the property will remain taxable for a minimum of <br />forty (40) years. <br /> <br />d. That Bond Attorney costs will be covered by City. <br /> <br />e. That the length of tax increment assistance will not <br />exceed fifteen (15) years. <br /> <br />f. That the annual amount of funds paid to the developer <br />will not exceed $500,615. Any amount of tax increment <br />available over that amount will be retained by the City <br />for use of other eligible tax increment projects as <br />allowed by State statutes. <br /> <br />g. That the full taxable development will be complete by <br />October 15, 1995 to have full taxable value on January <br />1, 1996 for taxes payable in 1997. <br /> <br />h. That the development be constructed in accordance with <br />the approved final PUD plan. <br />