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2 <br /> <br />d. Project to occur as proposed and at an estimated total cost of $53,774,539 <br />i. Construction commences by December 31, 2024 and completes by December <br />31, 2026 (additional 6 months will be included as related to commencement and <br />completion dates) <br /> <br />e. Extraordinary costs <br />i. Qualifying affordable housing costs of the Project including: site improvements <br />such as demolition, parking and grading, public improvements and construction <br />of affordable housing <br />ii. Tax increment revenues generated from the Project pledged to Developer with <br />total net present value (PV) maximum of $1,000,000 principal amount with <br />interest rate over up to 26 years <br />1. Less: actual grant award (request for up to $1,000,000) <br /> <br />II. City Public Investment <br /> <br />a. City agrees to invest in project through <br />i. Establishment of Housing TIF District <br />1. Pledge 90% annual tax increments for up to 26 years that are generated <br />over the life of the TIF District for reimbursement of TIF eligible costs <br />a. Developer will receive maximum $1,000,000 Pay-As-You-Go TIF <br />Note plus interest <br />b. Less: any actual grant funding award <br />2. Maximum 26-year term for TIF assistance <br />a. Semi-annual or Annual payments <br />b. First payment August 1, 2028 and final payment February 1, 2054 <br />b. City will issue Pay-As-You-Go TIF Note to the Developer <br />i. Developer finances total upfront development costs <br />ii. Annual certification to meet income requirements of TIF Statute <br />iii. TIF increment provided as reimbursement to Developer for TIF-eligible costs <br />iv. Reimbursement annually to Developer of tax increment revenues and <br />Developer will use the tax increment revenues to support project cashflow <br /> <br />III. Agreement Summary <br /> <br />1. Developer: Reuter Walton <br /> <br />2. TIF District: Tax Increment Financing (Housing) District <br />(RIDE Housing Project) <br /> <br />3. Property: <br />1. Parcel IDs: 072922220065 <br />072922220038 <br />072922220039 <br />072922220040 <br />072922220041 <br />072922220042