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MAYOR <br />13i11 nlcscner <br />COUNCIL <br />Rick Montour <br />Barbara Allan <br />John Keis <br />Michael McGraw <br />515 Little Canada Road, Little Canada, MN 551174600 ADMINISTRATOR <br />(651) 766 -4029 / FAX: (651) 766 -4048 ,Joel R. Ilanson <br />www.ellittle-eanada.mn.us <br />MEMORANDUM <br />TO: Mayor I3lesener and Members of the City Council <br />FROM: Shelly Rueckert, Finance Director <br />DATE: May 8, 2008 <br />RE: TIF Shortfall Notes <br />In accordance with the development agreements with George Sherman, the City is <br />required to issue TIF increment shortfall notes when a tax increment shortfall guaranty <br />payment is received. These notes will be paid only out of future tax increment revenue in <br />excess of agreed minimums. <br />On May 7, 2008 the City received tax increment payments as follows: <br />The Villas - Increment Shortfall Payment = $69,415 <br />The Village - Incretent Shortfall Payment = $28,309 <br />Attached are noted which reflect the payments above. <br />It is staff's recommendation that an FDA representative execute the attached noted. <br />1 <br />