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HomeMy WebLinkAbout03-158 Resolution No. 03-158 RESOLUTION AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT WITH EFS BANK FOR THE DEVELOPMENT OF 28 N. GROVE AVENUE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Ed Schock, Mayor, and Dolonna Mecum, City Clerk, be and are hereby authorized and directed to execute a Development Agreement on behalf of the City of Elgin with EFS Bank for the development of a banking facility at the property located at 28 N. Grove Avenue, a copy of which is attached hereto and made a part hereof by reference . s/Ed Schock Ed Schock, Mayor Presented: June 11, 2003 Adopted: June 11, 2003 Omnibus Vote : Yeas 7 Nays : 0 Attest : s/Dolonna Mecum Dolonna Mecum, City Clerk DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT made and entered into this J3Ti. day of T-0,06 , 2003 , by and between the CITY OF ELGIN, an Illinois municipal corporation, (hereinafter referred to as the "City" ) , and EFS BANK, an Illinois corporation, (hereinafter referred to as the "Company" ) . WITNESSETH WHEREAS, the Company owns the property commonly known as 28 N. Grove Avenue, Elgin, Kane County, Illinois, such property being legally described on Exhibit A attached hereto (hereinafter referred to as the "Subject Property" ) ; and WHEREAS, the Subject Property currently contains an office building; and WHEREAS, the Company made certain improvements to the Subject Property which has resulted in. the Company relocating its full service banking facility to the Subject Property, the creation of additional professional office spaces and other related rental office space and the proposed creation of 25 parking spaces; and WHEREAS, the Company intends that its full service banking facility at the Subject Property would in part serve the City' s growing Hispanic community and that a portion of the rental space on the Subject Property has been made available for rent by professional firms which may include Hispanic owned firms; and WHEREAS, the Company, after consultations and negotiations with the City concerning certain development assistance, has determined to proceed with certain improvements to the Subject Property and the relocation of its full service banking facility to the Subject Property; and WHEREAS, the improvements to the Subject Property as proposed by the Company are currently estimated to represent a $1 .4 million investment in improvements, the creation of 8 new full time jobs in the City of Elgin and the creation of 25 parking spaces on the Subject Property; and WHEREAS, the City providing development assistance to the Company for the redevelopment of the Subject Property will result in increases in the City' s tax base and provide new and additional employment opportunities in the City of Elgin and will provide additional parking spaces in the Center City area of the City of Elgin; and WHEREAS, in order to provide for the continued development of the City including the redevelopment of the Subject Property by the Company the City has agreed to provide certain development assistance as hereinafter described; and WHEREAS, the City of Elgin is a home rule unit authorized to exercise any power and perform any function relating to its government and affairs; and WHEREAS, economic development initiatives as provided herein and resulting in significant increases in the City' s tax base and employment opportunities within the City of Elgin are matters within the government and affairs of the City of Elgin. NOW, THEREFORE, for and in consideration of the mutual promises and undertakings contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows : 2 1 1 . That the foregoing recitals are incorporated into this agreement in their entirety. 2 . That the Company shall redevelop the Subject Property according to the plans and specifications therefore dated August 27, 2002 , prepared by Bruneman' s & Associates, attached hereto as Exhibit B. For the purposes of clarification, and not as a limitation, the improvements to the Subject Property to be completed by the Company shall as part of the Redevelopment of the Subject Property include the creation of a full service banking facility, other professional and service related office spaces, a two lane banking drive up facility and 25 employee parking spaces, as shown in Exhibit C, (such redevelopment of the Subject Property by the Company as described in this paragraph is hereinafter referred to as the "Subject Redevelopment of the Subject Property" ) . All costs and expenses relating to the Subject Redevelopment of the Subject Property shall be the responsibility of and shall be paid for by the Company. 3 . That the Company shall complete the Subject Redevelopment of the Subject Property on or before December 31, 2003 . 4 . That the Company shall occupy and commence operations of its full service banking facility at the Subject Property on or before December 31, 2002 . The Company shall continue with its operations of a full service banking facility at the Subject Property for a period of ten (10) years following the Company completing, occupying and commencing such operations on the Subject Property. 3 5 . That it is agreed and understood that the Company' s full service banking facility will occupy approximately 67% of the first floor of the Subject Property. The remaining 33% of the first floor of the Subject Property will be made available for lease by the Company to professional firms such as law and accounting firms. The second floor of the Subject Property is to be leased by the Company to Centro de Informacion. The lower level of the Subject Property will be made available for lease by the Company for other office uses . 6 . That in consideration of the Company undertaking and completing the Subject Redevelopment of the Subject Property, the Company relocating a full service banking facility on the Subject Property and the Company leasing various portions of the Subject Property as set forth herein, the City agrees to provide the economic development assistance to the Company as set forth in this paragraph to be used by the Company for costs associated with the Subject Redevelopment of the Subject Property. Such economic development assistance from the City to the Company shall be in the total amount not to exceed $25, 000 and shall be paid by the City to the Company upon the Company completing on or before December 31, 2003 , the Subject Redevelopment of the Subject Property including, but not limited to, the completion of the issuance of an occupancy permit for the 25 employee parking spaces to be constructed by the Company for the Subject Property. 4 - 7 . That the parties understand and agree that the economic development assistance being provided by the City to the Company as set forth herein is expressly contingent upon the Company' s Subject Redevelopment of the Subject Property as set forth herein. In the event the Company fails to complete the Subject Redevelopment of the Subject Property on or before December 31, 2003, as required in the preceding Paragraph 3 hereof, and/or in the event the Company fails to occupy and commence operations of its full service banking facility as required in the preceding Paragraph 4 hereof, and/or in the event the Company fails to continue with operations at the Subject Property as required in the preceding Paragraph 4 hereof, and/or in the event the Company fails to construct the additional employee parking spaces as required in the plans and specifications for the Subject Redevelopment of the Subject Property and as required in the preceding Paragraph 6 hereof, the parties understand and agree that the City will not be providing any economic development assistance to the Company for the Subject Redevelopment of the Subject Property pursuant to this Agreement or otherwise, and that the Company shall reimburse the City in full any funds distributed to the Company under the economic development grant provided for in the preceding Paragraph 6 hereof . 8 . That this agreement shall not be deemed or construed to create an employment, joint venture, partnership or other agency relationship between the parties hereto. 5 9 . That all notices or other communications hereunder shall be in writing and shall be deemed given if personally delivered sent by overnight courier or mailed by registered or certified mail, return receipt requested, to the parties at the following addresses, or at such other addresses for a party as shall be specified by a like notice and shall be deemed received on the date which said notice is hand delivered or the second business day following the date on which so mailed: TO THE CITY: TO THE COMPANY: City of Elgin EFS Bank 150 Dexter Court 1695 Larkin Avenue Elgin, IL 60120-5555 Elgin, IL 60123 Attention: City Manager Attention: Joseph Stanczak 10 . That the failure by a party to enforce any provision of this agreement against the other party shall not be deemed a waiver of the right to do so thereafter. 11 . That this agreement may be modified or amended only in writing signed by both parties hereto, or their permitted successors or assigns, as the case may be . 12 . That this agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter as set forth herein, all prior agreements and understandings having been merged herein and extinguished hereby. 13 . That this agreement is and shall be deemed and construed to be a joint and collective work product of the City and Company and, as such, this agreement shall not be construed against the other party, as the otherwise purported drafter of same, by any 6 court of competent jurisdiction and in order to resolve any inconsistency, ambiguity, vagueness or conflict, if any, in the terms or provisions contained herein. 14 . That the City and Company agree that, in the event of a default by the other party, the other party shall , prior to taking any such action as may be available to it, provide written notice to the defaulting party stating that they are giving the defaulting party thirty (30) days within which to cure such default . If the default shall not be cured within the thirty (30) day period aforesaid, then the party giving such notice shall be permitted to avail itself of remedies to which it may be entitled under this agreement . 15 . That notwithstanding any other provision of this agreement it is expressly agreed and understood by the Company and the City that the Subject Redevelopment of the Subject Property by the Company and the use of the Subject Property shall be in accordance and compliance with .all applicable federal, state, city an other requirements of law. The Company shall also at its expense procure all permits and licenses, pay all charges and fees, and give all other notices necessary and incident to the due and lawful prosecution of the work necessary to provide for the redevelopment of the Subject Property as described in this agreement . 16 . That to the fullest extent permitted by law, the Company agrees to and shall indemnify, defend and hold harmless the City, its officers, employees, agents, boards and commissions from and 7 against any and all claims, suits, judgments, costs, attorneys fees, damages or other relief, including but not limited to worker' s compensation claims, in any way resulting from or arising out of negligent actions or omissions of the Company in connection herewith, including negligence or omissions of employees or agents of the Company arising out of the performance of this agreement, and/or resulting from or arising out of an alleged breach of this agreement by the Company or the Company' s employees or agents . In the event of any action against the City, its officers, employees, agents, boards or commissions, covered by the foregoing duty to indemnify, defend and hold harmless, such action shall be defended by legal counsel of the City' s choosing. The provisions of this paragraph shall survive any termination and/or expiration of this Agreement . 17 . That this agreement is subject to and shall be governed by the laws of the State of Illinois . Venue for the resolution of any disputes or the enforcement of any rights pursuant to this agreement shall be in the Circuit Court of Kane County, Illinois . With the sole exception of an action to recover the monies the City has agreed to pay pursuant to the preceding Paragraph 6 hereof, and notwithstanding anything else to the contrary in this agreement, no action shall be commenced by the Company against the City for monetary damages. In the event legal action is brought by the City for the enforcement of any of the obligations of Company in this agreement and the City is the prevailing party in such action, the 8 City shall also be entitled to recover from Company reasonable interest and reasonable attorney' s fees . 18 . That this agreement shall be binding on the parties hereto and their respective successors and permitted assigns . This agreement and the obligations herein may not be assigned without the express written consent of each of the parties hereto which consent may be withheld at the sole discretion of either of the parties hereto. 19 . That the Company shall upon request from the City provide the City reasonable data and records of the Company which documents the Company' s compliance with this Agreement . 20 . That time is of the essence of this agreement . IN WITNESS WHEREOF, the parties hereto have entered into and executed this agreement on the date and year first written above . CITY OF ELGIN, a municipal EFS BANK, corporation an Illinois corporation / i By � � ,��,. By a-�-c.� a-wee--J ayor Its T -s a Attest : Attes : n ..AL..." A.,... >,43„,,,,h,c) (f/,/ae) ay. )d"C--e„, City Clerk F:\Legal Dept\Agreement\Development Agr-ElginFinancialSavingsBank-RM Amendment.doc Draft 4/14/03 9 EXHIBIT A Legal Description of the Subject Property: See Attached Commonly known as 28 N. Grove Avenue, Elgin, Kane County, Illinois . Permanent Index Number (s) 06-14-282-004 • ATG OWNER FORM . Schedule A - Continued Policy No. : 23307994 3 . Legal Description: PARCEL ONE : THAT PART OF LOT 3 IN BLOCK 20 OF THE ORIGINAL TOWN OF ELGIN ON THE EAST SIDE OF THE FOX RIVER DESCRIBED AS FOLLOWS : BEGINNING AT THE SOUTHEAST CORNER OF SAID LOT; THENCE NORTHERLY ALONG THE EASTERLY LINE THEREOF 21 FEET; THENCE NORTHWESTERLY TO THE POINT OF INTERSECTION OF A LINE DRAWN 29 FEET NORTHERLY OF (MEASURED AT RIGHT ANGLES) AND PARALLEL TO THE SOUTHERLY LINE OF SAID LOT 3, WITH A LINE DRAWN 20 FEET WESTERLY OF (MEASURED AT RIGHT ANGLES) AND PARALLEL TO THE EASTERLY LINE OF SAID LOT 3 : THENCE ON A CURVE TO THE LEFT HAVING A RADIUS OF 129 . 19 FEET TO A POINT IN A LINE DRAWN 36 FEET NORTHERLY OF (MEASURED AT RIGHT ANGLES) AND PARALLEL TO THE SOUTHERLY LINE OF SAID LOT 3 , SAID POINT BEING 59 . 17 FEET WESTERLY (AS MEASURED ALONG SAID PARALLEL LINE) FROM THE EASTERLY LINE OF SAID LOT; THENCE CONTINUING ALONG SAID LINE MEASURED 36 FEET NORTHERLY OF AND PARALLEL TO THE SOUTHERLY LINE OF LOT 3 AFORESAID, 119 . 42 FEET TO A POINT OF CURVE; THENCE WESTERLY 39 . 66 FEET ON A CURVE TO THE RIGHT HAVING A RADIUS OF 408 .22 FEET TO A POINT 94 . 07 FEET SOUTHERLY OF (MEASURED AT RIGHT ANGLES) THE NORTHERLY LINE OF LOT 2 IN BLOCK 20 AFORESAID; THENCE WESTERLY ALONG A LINE TANGENT TO THE LAST DESCRIBED CURVE 11 . 01 FEET TO A POINT IN THE EAST BANK OF FOX RIVER, WHICH POINT IS 93 . 01 FEET SOUTHERLY OF THE NORTHERLY LINE OF SAID LOT 2 ; THENCE SOUTHERLY ALONG THE EAST BANK OF FOX RIVER TO THE SOUTH LINE OF LOT 3 ; THENCE EASTERLY ON SAID SOUTHERLY LINE TO THE POINT OF BEGINNING, IN THE CITY OF ELGIN, KANE COUNTY, ILLINOIS . PARCEL TWO: THE NORTHERLY 16 FEET OF LOT 4 (EXCEPT THE EASTERLY 50 FEET) AND THE EASTERLY 50 FEET OF THE NORTHERLY 57 . 68 FEET OF LOT 4 IN SAID BLOCK 20 OF THE ORIGINAL TOWN OF ELGIN ON THE EAST SIDE OF THE FOX RIVER IN THE CITY OF ELGIN, KANE COUNTY, ILLINOIS . PARCEL THREE: THAT PART OF LOT 4 IN BLOCK 20 OF THE ORIGINAL TOWN OF ELGIN, ON THE EAST SIDE OF FOX RIVER, DESCRIBED AS FOLLOWS: COMMENCING AT THE INTERSECTION OF A LINE 16 FEET SOUTHERLY OF, MEASURED AT RIGHT ANGLES TO THE NORTHERLY LINE OF SAID LOT 4, WITH THE EASTERLY LINE OF SAID LOT 4 , THENCE SOUTHWESTERLY ALONG SAID LINE 50 FEET FOR A PLACE OF BEGINNING; THENCE SOUTHEASTERLY PARALLEL WITH THE WESTERLY LINE OF NORTH GROVE AVENUE 41 FEET; THENCE SOUTHWESTERLY PARALLEL WITH THE NORTHERLY LINE OF SAID LOT 4 , 175 FEET TO THE EASTERLY BANK OF FOX RIVER; THENCE NORTHERLY ALONG SAID EASTERLY BANK 41 FEET TO A LINE DRAWN PARALLEL WITH AND 16 FEET SOUTHERLY OF, MEASURED AT RIGHT ANGLES TO THE NORTHERLY LINE OF SAID LOT 4 ; THENCE NORTHEASTERLY ALONG SAID LINE 174 . 35 FEET TO THE PLACE OF BEGINNING, IN THE CITY OF ELGIN, KANE CO.UNTr- LLINOIS. --;.--1M1472; Member No . OMC '"� 1670 10391356 SIGNATURE OF ATTORNEY ATG OWNER FORM Schedule A - Continued Policy No. : 23307994 Legal Description (con' t) : PERMANENT INDEX NUMBER: 06-14-282-004 Member No . OMC g r y ' 1670 10391356 SIGNATURE OF ATTORNEY EXHIBIT B BRUNEMAN & ASSOCIATES BUILDING PLANS AND SPECIFICATIONS EXHIBIT B Plans and Specifications for the Redevelopment of the Subject Property Renovation to 28 N. Grove Street include the following: Asbestos removal New air conditioning unit New parking deck including new lighting and sprinkler system Renovated existing bathrooms to ADA compliancy Replaced all broken glass New fire detection system installed New tile, carpet, wall coverings and blinds Renovated electric to current code Created a community room in the lower level El 11 r /VN I I - .- ---�''11 0 • iD I < 1 < IIMI u 66 J I 7 f I S ( ___s�—-�/ _i 0,„ 1 y , ; ; T- 1 I C IA , ,_ 1 - I P ,Q .. ® ®• C r A II O 6 I. a r \ ro r ram, I_ , i �,,.to. 1 VI d tH Z�r P I ' . F � 4 � I —I I Dr ` I E' 3 11 FF, ■ 0 o . I Z PROPOSED NEW BUILDING FOR DESIGNERS/CONSTRUCTION MANAGERS: ( 1 N l ELGIN FINANCIAL SAVINGS BANKIrIrR. BRUNEMAN & ASSOCIATES, INCA � (o I • 28 N. GROVE AVE. ELGIN, ILLINOIS II En MARKET, STREET l J )0ELGIN. �L.INGIS FN/FAX b97 i42 482'0 Tl ) • u ,3 U w ' I - W r y I PI C 1 ) 1 � Al 1 __ __/. —,,-- a. h II II /I F F 3 1 ; I. _ j, J \ . b tom_ ti iL 3 _ 1 I—I � 3 a z o ; 1 -I °d \� n \(_______- n I'I/ 11 r `:�0 T \ m A � 1 , fi m �•tJ o L1. 1A '4. i N q3 , n W � I t� I 1/ °°' 0 "Ail 4 1 _i _ /1 A 1 \ 11 I ,t _ \,f— I\of j 1 Al—, PROPOSED NEW BUILDING FOR DESIGNERS,/CONSTRUCTION MANAGERS N^ Nm o� p I ZS N GROVE AVE ELGIN, LLINGL ELGIN FINANCIAL SAVINGS BANK F. BRUNEMAN & ASSOCIATES, INC < c 51 MARNET STREET EI;,N, ,I.I_Wnls PT!EPV Raj 742 4920 .4r • , T 4 ' /% C EFS Bank 28 N. Grove Proposed Parking Structure Current Use of the Building EFS Bank has converted the building at 28 N. Grove Avenue into a bilingual office occupying approximately 2/3 of the first floor. Additionally, a Hispanic law firm has moved into the remaining 1/3 of the first floor. The second floor of the building is entirely leased to Centro de Informacio. The lower level is leased to both the Elgin Junior Woman's Club and to the Azteca Foundation. The Club uses the space for a clothing distribution center two mornings a week. The Foundation provides funding to the Hispanic community. Additionally, the lower level contains a community room with seating for 50 people. Existing Parking Characteristics Walker Parking of Elgin has determined the existing slab is in need of serious repair and needs to be torn down. Over the years, salt erosion and neglect have contributed to this condition. The lower level currently is gravel and dirt and not suitable for vehicle parking. Riverside Drive leaks very badly resulting in the need to channel the water away from any cars parked in the lower level. Future Use of the Parking Facility EFS Bank would like to demolish the existing parking structure and replace it with a two level structure, including one drive-up lane with a night drop and one drive-up lane with an ATM. A new curb cut would also be proposed for exit onto Riverside Drive. Lower level parking would be paved and could accommodate 20 cars, and the upper level would have a total of five parking spaces, including one handicap space.. Tenants of the building would be allowed to park in the lower level with the upper level reserved for customers of the tenants. This structure would be consistent and similar with the parking structure to the south. Planter containers are proposed for the upper level. I EFS Bank Estimates for Parking Structure 28 North Grove Demolition 88,000.00 Existing Deck Lower Level 104,000.00 Slab, Sprinkler System, Ventilation Fans, Lighting Painting Upper Level 293,000.00 Slab, Blacktop, Striping Lighting Engineering 85,000.00 Drawings, Supervision Testing 18,000.00 Soil, Surveys Miscellaneous Costs 82,000.00 Barriers, Fencing, Landscaping Total Estimated Costs 670,000.00 These are preliminary costs received from Walker Parking and are deemed to be reasonable estimates of the work to be done. :A '''''e„-Cit ". ' •z- .:_ ..___ --;._L_._.,.../. - '';,:�: �_. ,. j ,��- - - -' .,,-_..•.w _ .t•1-•© .. q�h 1 ► a I I I a i� 1.......—_,„,,_;'"H i i L.....—__J sip m n v .% ,,,, -, t-...,.. .: 44_ ,�, •" "A�aa 741 !! • „, 4I1 '�.�....._ is — I 1 I , .: 1...1';1, . ......1r ...„3,.. �ti 1 1 I .,, , .,.___ , I \_,1._ 1 , ..., ,„ I� 1 4.71k �... ' 1 1 i ; {•• r_TI ( _—.,.,-- •—.—,ti• Ii — ' ,. _ _ 1 _ . ---, F 1 I 1 $ ; ;r !�;; ji CIg► �� + --�. 1 1 I 1I z i. . ....,___Iii l .Ar I ,�� ,f, 1, r .1. .. ii 11 NORTH GROVE AVENUE rv1 nn•-I OIGG7 ).A9 1.09 INECITISNCri EINDiabd d3X1111 S0:Li z -0z-2w U00(8 7VIDNVNId NI913 SS9T 'FL LD8 %Vd CZ 80 COtl1/�'L/CO I . W' . " 08/21/2003 08:82 FAX O4y� 741 1833 ELGIN FINANCIAL C8uex � ~ ' 847 bY/ '"bzw p���`°~ MAR~� WALKER 0-2003 17;M5 � �� PARKING CONSULTANT °.,�~ � w }_~ ) � ^ / | / / . ' / | . ' ) ' . . . | / 0 0 � . ' _ ._ ��.- w~ | ' . | I/ . I | | | ( | | ' � ' ( > ' ' / . ` . ` / . {I' ''/ '\ [ --- 1� �n� ' ^| �� 1 | Wili . ' '- d-, . 0--r- -�-� | . �' \ '| I � 1 � 1 ( \ { ' | \ |. : - 0^ - --- |�-_- --' -(�-~' _ |/ [^ IR Z |/ I .( --`-� '| b :i 1. - • `k.q \ . . ,- - .,\- $ ' | ' Mil i! -- �--- ji -Hti- gli� °_ � ��, _ _ ' ' ' |/ �� ~ ` � -- n / H � . | ' � IN / } } | ^ ' = • | \ / % ' | � � CD--'' -_- .__-__--_--'-_-_--_- --__- .;� _ $ ^ '~ II ----- m.- |' �� ' ` ' �|/ ' | ==�_^ \ " / I ( i 1. ,, f-77-' | i' ° ' ' ' I / 3 / . '-' ��-�_`°- . == -_- _~-- .~ � � / ' � �� / � } \ / / / 1 | ( t h ' } • ) ` � 1 / | ' \� B ' | ^ | / ' / ' ' � \ ` ' � ' ---- |� i | .' ^ / ' \ / | � ' _ �_- 1~- - - ,------7 . / \ . x ---- ' ^ ' | 4 ~-- ^' - ��,m�*��-:�r--====='(=1/ - �� _ ' | ° . 'i ., ...... '' t _ -^ _ - --- _ ' -_--__ I_--_ _ - | ~. ~ TOTAL P.03 , „p5 F,., . ti Agenda Item No. City of Elgin E ��9TED FEO I _ ° milk '. Ma y 9, 2003 G -•. TO Mayor and Members of the City Council N !' FROM: David M. Dorgan, City Manager W241- ECONOMIC GROWTH Raymond H. Moller, Director of Economic Development and Business Services SUBJECT: Elgin Financial Savings Bank Development Agreement PURPOSE The purpose of this memorandum is to present to the Mayor and members of the City Council a development agreement with Elgin Financial Savings (EFS) Bank. BACKGROUND eik EFS Bank owns the property at 28 N. Grove Avenue . The bank is in the process of developing a full service bank, professional offices and a drive up banking facility at this site and twenty- five (25) employee parking spaces . Acquisition and improvement of the property represents a $1 .4 million investment on the part of EFS Bank. Included within the $1 .4 million project cost is the expenditure of approximately $700, 000 to rebuild the parking structure which is adjacent to the bank building. The parking deck would provide surface parking for bank customers and twenty-five (25) lower level spaces for building employees. EFS Bank has requested assistance from the City to offset the high costs of the parking improvements. Considering the challenges that employees and customers are faced with regarding parking in the core area of the Center City, staff feels that it is prudent to encourage EFS to proceed with its parking deck improvements . Staff is recommending that the City contribute $25, 000 toward the costs related to the parking deck reconstruction. EFS Development Agreement May 9, 2003 Page 2 The conditions for the payout of the parking incentive are as follows : 1 . EFS shall complete the identified improvements by December 31, 2003 . 2 . EFS shall continue the operation of its full service banking facility at the site for ten (10) years . 3 . The bank shall occupy 67% of the first floor with the remaining 33% of space devoted to professional office uses . 4 . The payout of the $25, 000 in development assistance will be paid out upon the completion of the parking improvements on or before December 31, 2003 and the issuance of an occupancy permit for the 25 employee parking spaces. COMMUNITY GROUPS/INTERESTED PERSONS CONTACTED None 7 01114- FINANCIAL IMPACT Development assistance for this project will total $25, 000 and be charged to the Riverboat Lease Fund, account number 276-0000-791 . 80-27, project number 039559-EFS Parking Deck. To date, $427, 808 has been expended or encumbered within this account leaving a balance of $91, 065 . A total of $25, 000 has been budgeted for this project . GAL IMPACT A development agreement is required. ALTERNATIVES 1 . Provide the requested assistance. 2 . Deny the request for assistance. r EFS Development Agreement May 9, 2003 Page 3 RECOMMENDATION It is recommended that the City Council award a development agreement with EFS Bank in the amount of $25, 000 . Respectfully submitted for Council consideration. /cm Attachments rft. r