FY 18 Annual Report

Summary of Current Development Agreements ADDITIONAL INFORMATION

Below and on the following page, you will find a brief description of the existing Development Agreements the City has active as of June 30, 2017: JACOBSEN HOMES The City entered into a Development Agreement with Jacobsen Homes on October 5th, 2009. Pursuant to the Development Agreement, the City will rebate a maximum amount of $105,000 in property taxes over a six year period, beginning December 1, 2011 and continuing through June 1, 2017, or until such earlier date upon which total payments equal to $105,000 have been made. The project covered by the Development Agreement was the rehabilitation of property commonly know as Gary's on the River. On March 4th, 2013, the City amended the original Development Agreement to extend the rebate of taxes an additional two years until June 1, 2019 and increase the amount of the rebate to a new not to exceed amount of $175,000. The justification for the for the increase in the rebate was for the addition of a parking lot adjacent to the property In FY17, the City rebated $16,775.52 in property taxes paid by Jacobsen Homes. As of June 30, 2017, the City has rebated a total of $108,643.53 and has a remaining maximum obligation of $66,356.47 until the Development Agreement has been satisfied.

THE COMMONS

The City entered into a Development Agreement with the William J. Muller Revocable Trust on December 5th, 2011. Pursuant to the Development Agreement, the City will rebate a maximum amount of $360,000 in property taxes in a six year period, beginning December 1, 2013 and continuing through June 1, 2019 or until such earlier date upon which total payments equal to $360,000 have been made. The project covered by the Development Agreement consisted of the rehabilitation of the former Ace Hardware building. To date, four new business have located within the space formerly occupied by Ace Hardware with additional space available for development. In FY17, the City rebated $13,861.90 in property taxes paid by the William J. Muller Revocable Trust. As of June 30, 2017, the City has rebated a total of $46,479.48 and has a remaining maximum obligation of $313,520.52 until the Development Agreement has been satisfied.

SCANNELL PROPERTIES / PIONEER HI-BRED

The City entered into a Development Agreement with Scannell Properties #142, LLC and Pioneer Hi-Bred International, Inc. on April 30th, 2012. Pursuant to the Development Agreement, the City will rebate a maximum amount of $1,750,000 in property taxes over a ten year period beginning June 1, 2015 and continuing through June 1, 2024, or until such earlier date upon which total payments equal to $1,750,000 have been made. The project covered by the Development Agreement was the construction of a distribution and warehousing facility in the Green Industrial Park. In FY17, the City rebated $174,694.46 in property taxes paid by Spencer RP Realty, LLP. As of June 30, 2017, the City has rebated a total of $494,163.16 and has a remaining maximum obligation of $1,255.836.84 until the Development Agreement has been satisfied.

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