City Council Study Session Agenda and Packet 2004 12 14

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COUNCIL COMMUNICATION TO: MAYOR AND CITY COUNCIL FROM: WILLIAM A. SIMMONS CITY MANAGER DATE: December 14, 2004 SUBJECT: Biella Menkick IGA with Superior — Discuss 1 Amendment to the IGA ORIGINATING DEPARTMENT: City Manager's Office SUMMARY: Please find attached a redline copy of changes to the most recent draft of the IGA regarding the Biella Menkick property. Changes proposed by Superior (deletions are in the sidebar, additions are underlined) are in response to a most recent draft prepared by City's counsel. The City's draft reflected comments made by City Council and staff at earlier meetings. The highlights of those changes include the following: • Limiting the number of residential units in the whereas clauses, rather than the agreement itself • Phasing the percentage of residential development to be consistent with the retail development, i.e., 50% of approved residential development requires 50% of the retail development be in place (or 125,000 square feet). • Superior had previously placed a 5 -year limit on the non - compete language in the agreement, Louisville had rejected any time frame, and Superior has now reinstated a 7 -year limit. • Added language stating that should Superior utilize Tax Increment Financing on the property, the amount of sales tax shared with Louisville shall not be reduced. SUBJECT AGENDA ITEM Biella Menkick IGA with Superior — Discuss 1 Amendment to the IGA j0