FY 18 Annual Report

Quality Refrigerated Services

The City entered into a Development Agreement with Quality Refrigerated Services on November 2, 2015. Pursuant to the Development Agreement, the City will rebate a maximum amount of $1,614,600 in property taxes over a thirteen year period beginning December 1, 2017 and continuing through June 1, 2030, or until such earlier date upon which total payments equal to $1,614,600 have been made. The Company agrees to invest not less than $4,600,000 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 facilities. Each payment shall be subject to an annual appropriation by the City Council.

CHL - Spencer Ag Center

The City entered into a Development Agreement with CHL, LLC on March 14, 2016. Pursuant to the Development Agreement, the City will rebate a maximum amount of $500,000 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 $500,000 have been made. The project covered by the Development Agreement consists of the construction of a new warehousing and retail facilities for use in its business operations. The Company agrees to invest not less than $1,800,000 into capital improvements, including construction work and equipment acquisition. 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 $1,200,000 as of January 1, 2017. Each payment shall be subject to an annual appropriation by the City Council.

William J. Muller Revocable Trust

The City entered into a Development Agreement with the William J. Muller Revocable Trust on March 14, 2016. Pursuant to the Development Agreement, the City will rebate a maximum amount of $150,000 in property taxes over a seven year period beginning December 1, 2018 and continuing through June 1, 2025, or until such earlier date upon which total payments equal to $150,000 have been made. The project covered by the Development Agreement consists of the demolition of existing buildings and site preparation and development of new commercial facilities. The Company agrees to invest not less than $700,000 into capital improvements, including construction work and equipment acquisition. Each payment shall be subject to an annual appropriation by the City Council.

William J. Muller Revocable Trust (LOST)

The City entered into a Development Agreement with the William J. Muller Revocable Trust on April 2, 2018. Pursuant to the Development Agreement, the City will rebate a maximum amount of $750,000 in local option sales tax receipts over a ten year period beginning January 1, 2019 and continuing through January 1, 2028, or until such earlier date upon which total payments equal to $750,000 have been made. The project covered by the Development Agreement consists of the redevelopment of the former Pine Tree Plaza site. Each payment shall be subject to an annual appropriation by the City Council.

ESC, LLC

The City entered into a Development Agreement with ESC, LLC on April 2, 2018. Pursuant to the Development Agreement, the City will rebate a maximum amount of $300,000 in property taxes over a ten year period beginning December 1, 2020 and continuing through June 1, 2030, or until such earlier date upon which total payments equal to $300,000 have been made. The project covered by the Development Agreement consists of construction of expanded manufacturing and warehousing facilities. The Company agrees to invest not less than $1,000,000 into capital improvements, including construction work and equipment acquisition. Each payment shall be subject to an annual appropriation by the City Council.

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