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e e The sanitary sewer service will be privately maintained. In a related action on this agenda, Council will be asked to consider execution of an Industrial District Agreement, a Water Service Agreement, a Sanitary Sewer Service Agreement and a Utility Extension Agreement with the company to facilitate extension of the water main and utility service. Gas Innovations' total site equals of 2.5 acres. Tax records for 2004 show the total value of the industrial district property to be $101,710. IDA revenues from this property were $134.00. The company's property within the city limits is valued at $46,420. City taxes received in 2004 from this property were $329.58. Total tax revenue in 2004 from the entire site (with no additional improvements) was $463.58. The company's current plan for expansion calls for the investment of an additional $345,000 in building and site improvements. Improvements totaling $155,000 will be allocated for its industrial district property with $190,000 of improvements taking place on its city limit property. Therefore, an estimate for the value of the fully-developed site is $493,120. By unifying all of Gas Innovations' properties (with proposed improvements) under a single industrial district agreement, it is estimated that the City will receive total annual revenues of $1,292. This figure represents an initial increase of $828 per year through the end of the current IDA term (12/31/07). Upon renewal of the company's IDA for the 2008 term, the City will realize an additional $563 in revenue from the company for a total of $1 ,855 per year. Staffreeonmends approval of the applicant's petition for deannexation as submitted. Action Required bv.Council: Consider approval an ordinance authorizing the deannexation of a ] .420 acre tract out of the Enoch Brinson Survey, A-5. Approved for City Council Al!enda dkiwJjj ~~ :6ebra B. Feazelle, City Manager 3 -2-(]5 Date