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REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Agenda Date Requested January 14, 2019 <br />Requested By: Ryan Cramer, EDC <br />Department: Administration <br />Report Resolution: Ordinance: <br />Exhibit: Chapter 380 Agreement <br />Confirmed investment schedule <br />Certificate of Occupancy <br />Appropriation <br />Source of Funds: Special Programs <br />Account Number: 038-6030-565.99-97 <br />Amount Budgeted: $199,351.87 <br />Amount Requested: $19,645.90 <br />Budgeted Item: YES NO <br />SUMMARY & RECOMMENDATION <br />On March 27, 2017, City Council entered into a Chapter 380 Agreement with Oakland Land and Development Inc. for the <br />development of Sector 23. For the development the City agreed to reimburse up to $362,457.94 the developer paid to <br />abandon City right-of-way in exchange for $12,000,000 of capital investment in buildings over 3,000 square feet in size. <br />On July 10, 2017 Council approved the first payment of $66,547.28 towards the $362,457.94 total. Then on April 23, <br />2018 Council approved payment of $96,558.79 for the buildings at 631 S. 14' Street and 1306 W. F Street. <br />Staff has been able to confirm $650,422.50 of spending for the building at 605 S. 16' St which makes the applicant <br />eligible for $19,645.90 as the confirmed spending is 5.4201875% of the total required and $19,645.90 is that percentage <br />of the total amount to be reimbursed. To date, this brings the total confirmed investment of all buildings up to <br />$6,007,147.08. <br />Action Required by Council: <br />Consider approval or other action regarding payment of $19,645.90 to Oakland Land and Development Inc. <br />Approved for City Council Agenda <br />Corby D. Alexander, City Manager <br />Date <br />