 |
AGENDA RECOMMENDATION |
Consent Calendar 5.D.
City Council Regular Meeting
- Meeting Date:
- 09/11/2023
Agenda Item:
Resolution authorizing City Manager to execute amendment to development agreement (Silos).
Recommendation/Action(s):
Adoption of the attached resolution.
Summary:
At the May 22, 2023 City Council meeting, a resolution modifying TIF District No. 36-2 was approved which also authorized the City Manager to enter into a development agreement with the Developer, including authorization for a City Center Renaissance loan (CCR). The development agreement was included as an attachment to the May 22, 2023 meeting agenda packet.
The development agreement was drafted by the City and reviewed by the developer prior to the May 22, 2023 City Council meeting. The developer has made a request for changes to the development agreement that was reviewed by the City Council. The proposed changes are redlined and included as an attachment along with a clean version reflecting the proposed changes. The City Attorney has reviewed and is comfortable with the proposed changes. Proposed changes are minor and include a revision to the Limited Liability Company name, additional language about cooperation between the two parties and corrections to the CCR loan documents regarding the job creation/retention requirement (Five FTE jobs will be required). The CCR loan program requires one FTE job to be created or retained for every $20,000 borrowed. The City Council approved a $100,000 CCR loan which requires five FTE jobs to be created or retained.
The development agreement was drafted by the City and reviewed by the developer prior to the May 22, 2023 City Council meeting. The developer has made a request for changes to the development agreement that was reviewed by the City Council. The proposed changes are redlined and included as an attachment along with a clean version reflecting the proposed changes. The City Attorney has reviewed and is comfortable with the proposed changes. Proposed changes are minor and include a revision to the Limited Liability Company name, additional language about cooperation between the two parties and corrections to the CCR loan documents regarding the job creation/retention requirement (Five FTE jobs will be required). The CCR loan program requires one FTE job to be created or retained for every $20,000 borrowed. The City Council approved a $100,000 CCR loan which requires five FTE jobs to be created or retained.