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way o &vizaa�a <br />MAYOR <br />Bill Blesener <br />COUNCIL <br />Jim LaValle <br />Rick Montour <br />Barbara Allan <br />John Keis <br />515 Little Canada Road, Little Canada, MN 55117 -1600 ADMINISTRATOR <br />(651) 766 -4029 / FAX: (651) 766 -4048 Joel R. 1- Janson <br />www.cilittle-canadaann.us <br />TO: Mayor Blesener and City Council Members <br />FROM: Shelly Rueckert <br />DATE: December 29, 2006 <br />RE: TIF Shortfall Notes <br />In accordance with the developer agreements with George Sherman, the city is required <br />to issue TIF increment shortfall notes when a tax increment shortfall guaranty payment is <br />received. These notes will be paid only out of future tax increment revenue in excess of <br />agreed minimums. <br />On December 29, 2006, the City received tax increment payments as follows: <br />The Villas - Balance of 2006 tax Increment Shortfall Payment = $ 6,980.03 <br />The Village — 2007 Parcel 2 - Estimated Shortfall = $ 8,138.00 <br />2007 Parcel 3 — Estimated Shortfall = $16,714.00 <br />2007 Parcel 4 — Estimated Shortfall = $10,116.00 <br />Attached are notes which reflect the payments above. <br />It is staff's recommendation that an EDA representative execute the attached notes. <br />