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<br />August 10, 2005 <br /> <br />TO: <br /> <br />The Honorable Mayor and City Council <br /> <br />VI-8 <br /> <br />FROM: <br /> <br />John Grossman, HRA Director <br /> <br />RE: <br /> <br />Arthur G. Miller - Certificate of Satisfaction <br /> <br />SUMMARY: When the terms of a land credit agreement (for Industrial Park property) <br />are met by the property owner a certificate of satisfaction is recorded on the title to <br />remove the repayment obligations. The agreement calls for completion of the agreed <br />requirements in five years or repayment of the balance due. <br /> <br />BACKGROUND: Arthur G. Miller and the City executed the land credit agreement in <br />July of2000. Mr. Miller received title to 1.05 acre. The deferred value of the land, "the <br />assessments", was agreed to be $29,899. The agreement provides that the deferred value <br />is to be matched or exceeded by a combination of building and payroll credits in five <br />years. Mr. Miller also agreed to construct a building with a market value of$240,000 <br />and create two (2) new jobs with an average wage of$12.00. <br /> <br />I <br /> <br />1) Mr. Miller hired 2 new employees at $12.00 average wage by August of2002. <br />2) The payroll credit for four quarters (2004-2005) is $73,798. <br />3) The assessor's market value of the building in 2005 is $249,000. The building <br />credit is $24,900. <br />4) The credits total $98,697. <br /> <br />The total credits exceed the deferred land value. No balance is due. <br /> <br />ACTION: Motion to approve the satisfaction and authorize the Mayor and Asst. City <br />Clerk to execute the attached Certificate. <br />