O-2007-2990 - Laserfiche WebLink

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REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested: 5/14/01 ADDroDriation Requested By' John Joerns Source of Funds: Nt A Department" City Co-meil Account Number: NtA Report: Resolution: Ordinance: X Amount Budgeted: Nt A Exhibits: Ordinances (5) Amount Requested: Nt A. Exhibits: FTZ Agreements (5) Budgeted Item: YES NO Exhibits" Spreads beets lAssu'llptions SUMMARY & RECOMMENDATION The staff has completed the review of the Foreign Trade Zone agreements for Underwood Business Park and Port Crossing. A copy of those agreements and the enabling ordinances are attached. After several workshops, Council on January 22"d directed staff to proceed with the Foreign Trade Zone agreements for both Port Crossing and Underwood Business Park. Council also provided direction for consideration of a 25% local exemption for eligible inventory and to not allow both Foreign Trade Zones and Tax Abatements. However, as in previous correspondence with Council, staff recommended dropping the provision related to tax abatements as it would be administratively burdensome (future land sales, current and future tax abatements, a third pa~ administrator for the zone). Based on the same assumptions used at the January 22" workshop the potential loss in annual revenues at build out (5 years/2011) would be negligible at $26,625 for Port Crossing and $21,300 for Underwood Business Park. Total annual revenue projections for the City at build out (5years/2001) are estimated at $1,466,860 for Port Crossing and $923,303 for Underwood Business Park. The Assistant City Attorney has also completed his review of the documents and finds that the agreements are in order for consideration by the Council. Staff recommends approval of the enabling ordinances and the attached proposed Foreign Trade Zone Agreements. Action Required bv Council: Approve the enabling ordinances and Foreign Trade Zone Agreements as presented. ?k/z7 Date