Council approves safety, utility, and development items

We agreed to participate in the cost of this as a way to save the use of the Pavilion lot. There are additional needs for parking and we will continue to look for opportunities to add in that area to save area businesses and the City's lot. Oasis will be paying $136,929.14, with the City paying the remaining $314,468.67. The paving costs are for the lot near the maintenance building, directly north of the complex, adjacent to the maintenance building. | reports=1

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Terance approached me about settling his TIF agreements. We have the option to do this with anyone but have never done so to my knowledge. He has some expenses at home that need attention. I talked with Jacob and Klein and we estimated that if we continue to pay his agreements on the annual schedule through the end of the Hub TIF which is 8 years from now, we would likely pay him approximately $26,000, assuming a conservative increase of about 2% per year. 2% is below what we've seen the last several years so we feel good about the settlement amount of $22,000. That protects us if there is a downturn in EAV over the next 8 years. I approached Terance with that number and he agreed. Regardless of what EAV does, this ends our obligations on both of his existing agreements. ​ He has agreements on the building that Adams Shoe Store now occupies as well as Lavish Bath Box. He owned both of those properties prior to his employment with the City. | reports=1

Here are the ​cliff notes: Changed the definition of Property to include only those parcels from the original agreement as amended not included in the STAR Bond district. Created a second list of parcels from which the increment will be paid (this list is essentially the original list of parcels including the STAR bonds parcels). Will net out the overpayment of Municipal Sales Tax Revenues Generated by the Project in the amount of $145,413 made in year 2025 from the 1/8 City sales tax revenues to be paid in year 2026. The total cap on annual reimbursements of the 1/8 City sales tax in any year cannot exceed $600,000.00. Add an exclusion to the calculation of municipal sales tax revenues payable under the agreement to exclude any municipal sales tax revenues generated by any business located within any STAR Bonds District located within the City. | reports=1