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BUDGET: Based on the current taxable value of the property, staff has calculated that each of the <br />5 yearly property tax grants will be in the approximate amounts of $1,390.00. We do not have <br />information regarding estimates of the sales tax impact, but the 3 annual sales tax grants will be a <br />portion of retailer generated revenues, and the 50% portion of the new sales taxes that the City <br />retains will be a net revenue gain over the $0.00 in sales taxes the vacant spaces are generating <br />now. <br />RECOMMENDATION: Approve a resolution approving an Economic Development Agreement <br />with Audex Enterprises, LLC and authorize the Mayor to execute same on behalf of the city. <br />