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Chronology of the 360 State Street Project

1. 2. 3. August 2006 The City receives nine proposals to redevelop the Shartenberg Site. February 2007, Becker + Becker is selected as the preferred developer. June 4, 2007 the City Submits the Land Disposition Agreement (LDA)and the Development Agreement for approval by the Board of Aldermen June 4, 2007 The Agreement is referred to City Plan. July 11, 2007 Memo from Kelly Murphy to the Board of Aldermen, outlining changes made to the Development Agreement and the LDA. The memo does not mention or detail any tax fixing deal. June 20, 2007, The City Plan Commission adopts the City Plan Report recommending approval, citing: The Economic Development Administrator and Becker + Becker have negotiated the terms of the project which are incorporated in the LDA and the Development Agreement, both of which require the approval of the Board of Aldermen. There is no mention of a Tax Deal. July 25, 2007 The joint committees of Finance and Community Development of the Board of Aldermen hold a hearing to discuss the project. At the July 25th hearing Kelly Murphy assures the Board there is No Cap on taxes in the agreements. At the July 25th Hearing, then City Budget Director Larry Rusconi, submits a letter justifying the land sale to the committee. The $1.4 Million tax estimate, a conservative number as stated in the document, was presented to the Board as a means to weigh the minimum tax benefits to the city. July 25, 2007, the joint committee passes the agreement with a favorable recommendation to the full Board. September 4, 2007 Board of Aldermen approves the LDA and the Development Agreement. The LDA voted on and passed contains no mention of a tax deal. Development Agreement signed by the City October 5, 2007 and by Bruce Becker on September 28, 2007. The LDA signed by the City on July 3, 2008 and by Bruce Becker July 8, 2008

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