Laserfiche WebLink
BUDGET IMPLICATIONS <br />. Approving this MOU does not impact the City's budget. The TIF contribution to this project is outside <br />. of the City's general levy and will be negotiated through a future development agreement. <br />. STAFF RECOMMENDATION <br />. Staff recommends the approval of the MOU between the City and Aeon. This MOU identifies the City's <br />. willingness to provide t� increment to the Sienna Green Phase II project and sets the protocol for the <br />. negotiation of a future development agreement. Sy creating the TIF district the City created a funding <br />. source by which to provide funding to this specific project. The MOU only makes a logical connection <br />� between the creation of the district and the willingness to provide the funding to this project. The MOU <br />� does not identify how much funding the project will receive, but clearly states that it will be gap <br />funding. Sy committing to fund the project on a conceptual level, the City will be working with the <br />developer to strengthen their tax credit application. <br />REQUESTED COUNCIL ACTION <br />� Approve a Memorandum of Understanding with Aeon pertaining to the use of t� increment financing <br />� and the negotiation of a future development agreement for the Sienna Green Phase II project. <br />Prepared by: Jamie Radel, Economic Development Associate <br />Attachments: A: Memorandum of Understanding <br />B: <br />C: <br />Page 2 of 2 <br />