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� Page 2 <br /> Lucas Properties, LLC Redevelopment Ageement <br /> October 2, 2002 <br /> period is limited to 16 years and can only be received if the tax is generated as a result of <br /> increased Equalized Assessed Valuation related to completing the project. <br /> The developer has negotiated an agreement to purchase the property from the current owner <br /> subject to the approval of this redevelopment agreement. <br /> POTENTIAL OBJECTION: There are no known objectors to this petition. <br /> INPUT FROM OTHER SOURCES: The proposed redevelopment agreement has been <br /> reviewed by the developer's attorney and is considered acceptable. In addition, the agreement <br /> was received and placed on file with the City Clerk for a period of fifteen (15) days. No <br /> comments have been received. <br /> STAFF REFERENCE: Any additional questions may be forwarded to Dane Bragg at 424-2725 <br /> or e-mail: dbrag�(cr�,decaturnet.org. <br /> BUDGET/TIME IMPLICATIONS: The eligible reimbursable costs of$82,500 would be paid <br /> from the Olde Towne Redevelopment TIF Fund(Fund 17) upon the collection of annual property <br /> taxes and a request for reimbursement by the developer. <br />