Wednesday, Oct. 15

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City opens discussion on $5.8M
business proposition    
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[OCT. 15, 2003]  Lincoln City Council members plunged into opening discussions about working with a developer in bringing two big businesses to town. It doesn't seem to be a question of about whether they would like to have these businesses come to our town but more a matter of how to do it. Representatives of the developer Diversified Acquisition LLC, the property owner David J. Christie and their contractor presented a proposal suggesting the city share costs of a traffic signal, building and parking lot renovations, and initial transaction business costs.

Contracts are ready to sign that would bring a Goody's and a Dollar Tree to occupy the building that last housed Staples and Stage stores.

Details of the projected sales tax income and how those figures tally were examined a bit more closely. Diversified has suggested that the city could establish the area as a "business district" and then issue bonds. The city would then repay those bonds with a portion of the sales taxes. The city would choose the percentage for the sales tax rate to pay off those bonds. Depending on the rate, the bonds could be paid off in anywhere from 10 to 20 years, with 10 years recommended. Details of those terms have been and will continue to be under close inspection by City Attorney Bill Bates as he interprets and advises the council on the matter.

Bates said that he has been on the phone with the developer's lawyer, James Grice, sorting those terms out.

City Treasurer Les Plotner has also been working the suggested figures in order to help guide the council through the financial issues.

Details of Tuesday night's discussion will be posted in LDN tomorrow.

[Jan Youngquist]

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