HomeMy WebLinkAbout4N - Developer's Agreements
AGENDA #:
PREPARED BY:
SUBJECT:
DA TE:
BACKGROUND:
DISCUSSION:
ALTERNATIVES:
4N
Blair Tremere, Assistant City Manager
Revised Development Agreements for E.M. Products and for
NBC Products, Inc.
October 10, 1995 for October 16, 1995 Council Meeting
The City Council approved the Development Agreements for
these projects on June 5, 1995 and September 19, 1995,
respectively. Since then, the staff and the City's consultant,
Roger Guenette have worked with both developers to refine
the agreements to reflect changes in the state law, in the
case of E.M. Products, and to respond to a request of the
owner, i.n the case of NBC Products. The changes are
housekeeping in nature.
The changes in the agreement with E.M. Products deal with
modifications to the state law relative to tax increment
financing and local government aid (LGA). In essence, the
changes reflect the City's option under amended State Law
to avoid impact upon LGA. A copy of the revised agreement
is attached. The substance of the Agreement is the same; it
is for the project approved earlier by the Council.
The change in the agreement with NBC Products involves
naming Mr. Anthony Shanks rather than NBC Products, Inc.
as the developer. Mr. Shanks is the owner. That change also
requires attachment of a lease arrangement with NBC
Products, Inc. A copy of the amended agreement is attached.
The City has previously executed agreements with
individuals as proposed in this case.
The alternatives are:
1. Approve the changes to both agreements as submitted.
2. Approve the changes to only one agreement and to deny
or table the changes to the other.
16200 ~~W<t?~~99f;. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
3. Deny or table the changes to both agreements with
direction to staff.
Page Two
Item 4N
RECOMMENDA TION:
Staff recommends Alternative 1. . ,
ACTION REQUIRED:
Motion to approve the changes to the
development agreements with E.M. Products
and with NBC Products, Inc.
Approved By:
Attachments
AGI0168N.DOC
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