FY 18 Annual Report

SHINE BROTHERS - R&D CENTER

The City entered into a Development Agreement with Shine Brothers on December 16th, 2013. Pursuant to the Development Agreement, the City will rebate a maximum amount of $165,000 in property taxes over a ten year period beginning December 1, 2016 and continuing through June 1, 2026, or until such earlier date upon which total payments equal to $165,000 have been made. The project covered by the Development Agreement consists of the construction of a research and development center and the installation of equipment therein for use in the company's business operations. The Company agrees to invest not less than $500,000 into capital improvements for the project, including construction work and equipment acquisition. Each payment shall be subject to an annual appropriation by the City Council. In FY17, the City rebated $8,064.20 in property taxes paid by Shine Brothers. As of June 30, 2017, the City has rebated a total of $10,527.36 and has a remaining maximum obligation of $319,472.64 until the Development Agreement has been satisfied.

Dollar Tree

The City entered into a Development Agreement with Spencer Development Group, LLC on May 4, 2015. Pursuant to the Development Agreement, the City will rebate a maximum amount of $220,000 in property taxes over a ten year period beginning December 1, 2017 and continuing through June 1, 2026, or until such earlier date upon which total payments equal to $220,000 have been made. The project covered by the Development Agreement consists of the construction of a new commercial retail space for a Dollar Tree store. The Company agrees to invest not less than $900,000 into capital improvements, including construction work and equipment acquisition. Each payment shall be subject to an annual appropriation by the City Council.

Shine Brothers - Metal Recycling

The City entered into a Development Agreement with Shine Brothers Corp. on October 19, 2015. Pursuant to the Development Agreement, the City will rebate a maximum amount of $350,000 in property taxes over a ten year period beginning December 1, 2017 and continuing through June 1, 2027, or until such earlier date upon which total payments equal to $350,000 have been made. The Company agrees to invest not less than $1,750,000 into capital improvements, including construction work and equipment acquisition. The project to be undertaken as part of this Development Agreement includes the construction of four additional buildings for use in the Company's metal recycling business. The Company further agrees to execute an assessment agreement establishing a minimum addition of assessed valuation for the Property above and beyond the Base Valuation in the amount of $1,275,150 as of January 1, 2016. Each payment shall be subject to an annual appropriation by the City Council.

Merrill Company

The City entered into a Development Agreement with Merrill Company on November 2, 2015. Pursuant to the Development Agreement, the City will rebate a maximum amount of $1,080,600 in property taxes over a ten year period beginning December 1, 2018 and continuing through June 1, 2028, or until such earlier date upon which total payments equal to $1,080,600 have been made. The Company agrees to invest not less than $4,000,000 into capital improvements, including construction work and equipment acquisition. The project to be undertaken as part of this Development Agreement includes the construction of new warehousing and office space facilities. Each payment shall be subject to an annual appropriation by the City Council.

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