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94K Cianaik <br />MAYOR <br />6111 Blesener <br />COUNCIL <br />Jim LaValle <br />Rick Montour <br />Barbara Allan <br />John Keis <br />515 Little Canada Roacl, Little Canada, MN 55117 -1600 ADMINISTRATOR <br />(651) 766 -4029 / FAX: (651) 766 -4048 Joel R. Hanson <br />www.ci.little-canacia.mn.us <br />TO: Mayor Blesener and City Council Members <br />FROM: Shelly Rueckert <br />DATE: August 3, 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 />The attached letter to Sherman Associates summarizes the transactions currently required <br />by the development agreements. The exchanging of the checks as the letter discusses has <br />taken place. <br />It is staff's recommendation that an EDA representative execute the attached notes. <br />