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t 1 r f /f2 c-eanadez <br />515 Little Canada Road. Little Canada, MN 55117-1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www. ci. little-Canada. mn. us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: January 7, 2005 <br />RE: Ratify Amendment to RAB, LLC Development Agreement <br />MAYOR <br />ib[ichael 1. Fahey <br />COUNCIL <br />Jim LaVal1e <br />Matt Anderson <br />Rick Montour <br />13111 13lesmer <br />ADMINISTRATOR <br />Joel R. Hanson <br />Attached is the final version of the above referenced document that the Council approved at <br />their meeting of January 3, 2005. The only change in this document occurs in Section 3.2 (4) <br />dealing with the date we can refund the existing debt issue. The previous draft listed 2008 as <br />the year this could occur. According to our bond transcript, this cannot occur until 2010. <br />This will leave us without letter of credit (LOC) for a little more than a year (2009 until <br />refinancing occurs). However, the developer is not obligated to provide the LOC beyond <br />12/31/08 unless he wants the TIF guarantee associated with Phase I (the existing CI Title <br />Building) lowered we debt is refinanced in 2010, rates permitting. We will still have the <br />personal guarantee in place. It should also be noted that no LOC exists today and the <br />developer has made good on all of his guarantee obligations. <br />No other changes were made to this document and staff recommends adoption as presented. <br />1 <br />