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vehicle service facility and other retail uses. <br />The projected annual sales tax for this project is $25,000,000 at full <br />operation. <br />2. Redeveloper will lend to the Agency $466,911, which represents one- <br />half of the purchase price of the three parcels and the cost of one <br />fire hydrant. The loan to the Agency will not accrue interest. <br />3. Agency will pay back the loan with tax increment. The yearly debt <br />service payment will be an amount which is equal to fifty percent <br />(50%) of additional sales tax generated after March 30, 1988. The <br />term of the loan is ten (10) years. Any remaining balance at the <br />end of ten years is forgiven. <br />Mr. Benest concluded Staff recommends that the City Council approve by <br />Minute Action the acquisition and sale of property by the Redevelopment <br />Agency to Charles C. Van Zee and Harry D. Schwier, principals in a <br />corporation known as Alpac Enterprises, Inc.; and that the Redevelopment <br />Agency approve and authorize the Chairperson to execute the Disposition <br />and Development Agreement on behalf of the Agency and give the Executive <br />Director the authority to approve and sign any notes and other documents <br />related to the agreement. <br />Mr. Benest stated that Mr. Daniel E. Olivier, of Best, Best & Krieger, <br />is present if the Council/Agency have any questions. <br />Mayor Gonzales asked if anyone in the audience desired to speak on this <br />matter. <br />Moved by Councilman Rios, seconded by Councilwoman Garcia, the City <br />Council Public Hearing was terminated. Unanimous vote. <br />Chairperson Cisneros declared the Redevelopment Agency Public Hearing <br />closed. <br />Mayor Gonzales said he would now entertain a motion from the Council <br />regarding the sale of property. <br />Moved by Councilman Rios, seconded by Councilwoman Garcia, authorizing <br />the sale of real property by the Redevelopment Agency for purposes of <br />redeveloping the real property as Recreational Vehicle Sales and Service <br />Facilities and related Improvements. Unanimous vote. <br />Chairperson Cisneros said she would now entertain a motion from the Re- <br />development Agency regarding the Agreement. <br />Mr. Olivier, of Best, Best & Krieger, said he would also like to have <br />included "subject to minor changes approved by the Agency". <br />4 <br />