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AG 1998 11 16
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AG 1998 11 16
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Last modified
3/25/2002 6:09:44 PM
Creation date
11/27/2017 11:52:51 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
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the type o f commerciaVretall activities included with the proposed project: <br />the potental stimulus the project creates for additional commercial/retail <br />development to occur with the immediate area; <br />site 5pec"ific issnes that i,~ll~act upon IOC~J infrasia ulctllre responmtfitities; <br />other isa-ilea that may need to be considered relative to an individual project. <br /> <br />PROJECT QUALEFICATIONS <br /> <br />To be considered eligl'ble for a commercial/retail development incentive grant a project <br />should be required to meet certain minimum cliteria. Theae c~iteria are to be used as <br />guidelines in project evaluations. Additional c~'iteria may be applied to a specific project <br />based upon the term~ of the agreement between the co,--,ercial/retail developer and the <br />city. <br /> <br />m~ni~nm size of the project to quality for consideration: <br />Level 119ant - 250,000 square feet of gross leasable area <br />Level II grant - 500,000 square feet of gross leasable area <br />Level III grant - 1,000,000 square feet of gross leasable area or greater <br />1M'inimnm retail sales generated must equal or exceed $200 per square foot of <br />gross leasable area <br />Level I g~-aat - will be "an amount eqllal to" up to 25% of the local option I cent <br />and two local option 1/2 cent sales tax generated by the project for a period not <br />to exceed five full years of operation <br />Level II gs,art - will be "an amolmt equal to" up to 50% of the local option I cruz <br />and two local option 1/2 cent sales tax generated by the project for a pc~tiod not <br />to exceed five full years operation <br />Level ltl grant - will be "an amount equ~" up to 75% ofthe local option I cent and <br />two local option I/2 cent sales tax generated by the project for a period not to <br />exceed five full years of operation <br />Under no circ~,mqtances will the incentive grant payments be tied to the local <br />property taxes to be generated by the project and all property taxes to be paid by the <br />new or expanding co,.,.,erclaltretail development must be paid in full and kept <br />current during the period that tile C/RI)I grant rema~nn in effect <br />The developer (grant re¢ipieat) shall require all tenants of the project to provide ~ae <br />City complete and accurate retail sales and local option sales tax payment information. <br />The Cky shall secure the confidentiality of that information in reco~o~tion of the <br />proprietary nature of the data withi~ the parameter author~ed under state law. <br />Commercial/retail development incentive g~aat benefits may not be trannf~ed or <br />ethan-wise .conveyed to anOthCT party without the specific consent of the City <br /> Council and other contracting agencies. <br /> All commercial/retail development incentive g~ant benefits are dea~gncd to be l~n~ed <br /> directly to local option sales tax revenues received by the City atm'butable directly to <br /> the development of specific project. Failure of thc project or its tcna-ts to provide <br /> accurate sales info,',~,~tion or to actually forward payment of collected sales tax <br /> <br /> <br />
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