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� <br />City of <br />Pe uot <br />q <br />Lakes = <br />Date: <br />AGENDA ITEM #11.3 <br />REPORT TO <br />CITY COUNCIL <br />February 8, 2012 <br />Subiect: Lime Greenery TIF Reassignment <br />Report: At the November 1 St Council meeting, the <br />Council made the following motion: <br />`, COUNCIL MEMBER SJOBLAD MOVED TO ACCEPT THE EDC'S <br />RECOMMENDATION TO TAKE NO ACTION ON TIF 1-9 UNTIL A <br />RETAIL PROJECT OR A COMPANY WHICH WOULD CREATE AT <br />LEAST THREE JOBS PURCHASES THE PROPERTY AND AT THAT <br />TIME THE COUNCIL WOULD CONSIDER REASSIGNING THE TAX <br />INCREMENT TO THE NEW OWNER. COUNCIL MEMBER AKERSON <br />�ECONDED THE MOTION. MOTION CARRIED 4-0. <br />� <br />The Lime Greenery Building has been sold. City Attorney <br />Paul Sandelin is working with Briggs and Morgan to <br />redraft the development agreement which would reassign <br />the TIF to the new buyer. The redrafted development <br />agreement is not available at this time. I will forward it to <br />the Council as soon as I receive it. <br />Council Action Reauested: Council motion approving the <br />developer's agreement which has been redrafted to assign <br />the TIF district to the new owners of Lime Greenery. <br />