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REQUEST FOR COUNCIL ACTION <br />Jco <br />DATE: 8-28-89 <br />ITEM NO.: P _ oZ <br />Department Approval: Manager Reviewed: Agenda Section: <br />Reports and Recommendations <br />Item Description: Authorization to enter into a development <br />agreement with Bradford Schools. <br />During the last two City Council Work Sessions, the staff has <br />discussed the Bradford Schools tax increment financing request. <br />Originally, Bradford had requested $330,000 for soil corrections. <br />The staff was instructed to work with Bradford with respect to a <br />modified proposal. <br />A modified proposal was submitted in which the rate of return was <br />reduced from 8.09% to 7.47% and thus, the Bradford request was <br />reduced from $330,000 to $125,000. Based on the projected <br />increment, the City's obligation would be completed in three years. <br />Staff has also reviewed a similar project in which TIP was used for <br />soil correction. In comparing the projects, the following was <br />ascertained: <br />CITY INVESTMENT <br />PF�QJ.EP PER JOB-, <br />1. Rosedale Corporate (Soil Correction) $4,103 per employee <br />2. Bradford (Soil Correction) $2,777 per employee <br />If the Council should determine that this is a viable project, staff <br />should be authorized to enter into a development with Bradford <br />Schools and to bring back the appropriate modifications with respect <br />to the existing tax increment district. <br />COUNCIL ACTION REQUESTED: Motion to approve/deny authorization to <br />enter into a development agreement with <br />Bradford Schools. <br />