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REQUEST FOR COUNCIL ACTION DATE: 10-18-88 <br />ITEM NO.: <br />Department Approval: Manager Reviewed: Agenda Section: <br />Reports and Recommendations <br />Item Description: Authorization to enter into development <br />agreement with Brutger Co. <br />If the Concordia Project and the Amendment to Tax Increment District <br />#10 are approved, it would be necessary for the City to enter into a <br />development agreement with Brutger Company. The development <br />agreement would have these basic elements: <br />1. Assessment agreements and construction requirements to ensure <br />the required taxes. <br />2. Guarantees from the developer for the provision of the <br />required taxes. <br />3. Initial letters of credit from the developer to guarantee <br />construction. <br />4. Commitment on the part of the City to provide approximately <br />2.6 million dollars in subsidy for the project. <br />5. Agreement by the developer to convey the school and the <br />respective acreage to the City. <br />It should be noted that this is a bonding project, and thus, does <br />entail some risk as compared to the City's standard pay as you go <br />approach. <br />COUNCIL ACTION REQUESTED: Motion to approve/deny authorization to <br />enter into development agreement with <br />Brutger Co. <br />