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ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. 03-34 <br /> May 8, 2003 <br /> TO: Honorable Mayor Paul Osborne and City Council Members <br /> FROM: Steve Garman, City Manager <br /> A.J. Krieger, Assistant City Manager <br /> SUBJECT: Downtown Redevelopment Agree t <br /> RECOMMENDATION: <br /> City staff recommends that the attached redevelopment agreement be received and filed and <br /> scheduled for City Council consideration at the June 2, 2003, regular meeting. In the interim <br /> period a copy of the proposed redevelopment agreement shall be kept with the City Clerk and <br /> available for public inspection. <br /> BACKGROUND: <br /> As Council is aware City staff has been working with Demirco to negotiate and prepare the <br /> attached redevelopment agreement. As proposed, the agreement contemplates the redevelopment <br /> of the 300 block of North Water and the east side of the 300 block of North Main. <br /> The agreement calls for Demirco to develop just over 80,000 sqft. of commercial space in four <br /> separate buildings to accommodate a mix of retail and office users; two buildings in each phase. <br /> Exhibit C to the proposed agreement shows the concept site plan and includes a narrative <br /> description of architectural and other elements of the buildings themselves. Attached is Legal <br /> Department Memorandum #03-07, .which explains various provisions of the agreement, <br /> including its numerous performance milestones. <br /> City Council members have asked for specific information about the City's core area <br /> redevelopment expenditures to date, and potential incremental revenues as a result of the new <br /> development. City staff has begun preparation of an expenditure and incremental revenue <br /> comparison, and will forward that analysis to the Council for its consideration prior to June 2. <br /> City staff will be available to answer questions regarding the proposed agreement at the May 12 <br /> meeting. Other than receiving and filing the proposed agreement, no action is required by the <br /> City Council at this time. <br /> POTENTIAL OBJECTION: ; <br /> City staff is not aware of any opposition to the proposed redevelopment agreement. �! <br /> INPUT FROM OTHER SOURCES: � <br /> N/A II <br /> STAFF REFERENCE: I'� <br /> If Council members have questions they may contact A.J. Krieger, 424-2727, I <br /> ajkrie er(c�decaturnet.or�. ' <br />