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03/22/2017 - City Council Finance CommitteeFINANCE COMMITTEE MEETING WEDNESDAY MARCH 22, 2017 10:00 AM CITY HALL 2nd FLOOR CONFERENCE ROOM AGENDA I. AGENDA ADOPTION II. TIF DISTRICT 2-S BLUE GENTIAN I11. UPDATE ON FIRE ADMINISTRATION BUILDING IV. OTHER BUSINESS V. ADJOURNMENT Agenda Information Memo Finance Committee Meeting March 22, 2017 II. TIF DISTRICT 2-5 BLUE GENTIAN Direction To Be Considered: To discuss further the priorities for TIF District 2-5, Blue Gentian and receive an update on the current status of the project. Facts: ➢ McGough Development worked with the Eagan EDA on the acquisition and assembly of property at the northwest corner of Highway #55 and Blue Gentian Road for redevelopment purposes. The property is part of Northeast Eagan Redevelopment District #2-5. Certain agreements between the EDA and McGough are scheduled to expire on April 28, 2017. ➢ McGough bore all the costs associated with assembling the property. Total costs for the parcels assembled by the EDA were $3,262,866, of which $2,908,000 was paid in cash and $354,866 was assessed against parcels in 2011 to be repaid over five years. The assessments are now paid in full. ➢ The TIF Development Agreement anticipated financial assistance to a project on the site through a pay as you go note for up to 75% of the increment created by the project. ➢ The five year rule for the property was extended to April 28, 2017 through general legislation in the 2014 session. Attachments: (0) Information will be provided at the meeting Agenda Information Memo Finance Committee Meeting March 22, 2017 III. UPDATE ON FIRE ADMINISTRATION BUILDING Direction To Be Considered: Receive an update from Art Works Eagan on their plans to purchase the Fire Administration Building and consider possible amendments to the Sale and Purchase Agreement between the City of Eagan and Art Works Eagan. Facts ➢ The City of Eagan and Art Works Eagan have entered into a Sale and Purchase Agreement effective January 17, 2017 for the acquisition of the Fire Administration Building. ➢ The contingency period and buyers termination clause of the Purchase Agreement will expire on May 17, 2017, which is 120 days after the effective date of the Sale and Purchase Agreement. Attachments: (0)