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• the fact we had agreed to pledge all available increments generated by this <br />project to the Developer (less administrative retainage), this is an acceptable <br />action step. It should also be noted that this is a Pay As You Go concept <br />meaning payments are made on the note only to the extent increments are <br />available. <br />• We have addressed the value change (base value) for the Venetian by adopting a <br />sliding scale. If we get the value reduced to the pay 2002 figure, we only pay <br />90% of increment to the Developer. If it approaches the pay 2003 figure of <br />1,200,000, then we would pay the Developer 95 %. There is a graduated scale at <br />1% intervals within this range. <br />• The closing date on the land sale transaction has been extended to ensure HUD <br />scheduling does not impact the agreement. <br />• We have allowed a greater time for the Developer to restore the site after <br />Demolition if he does not close the transaction. (This was an attempt to address <br />that unlikely occurrence with reasonable dates given spring weather limitations. <br />It is also important to note the Developer has a $150,000 non - refundable deposit <br />with us as well. <br />City Action Item <br />Adopt an ordinance defining Moderate Income levels for TIP districts in Little Canada. <br />The relevant documents (except the Quit Claim Deed) are attached. <br />cc: Sherman & Associates <br />Mark Ruff, Ehlers, Inc. <br />Tom Bray, Briggs & Morgan <br />Pat Sweeney, City Attomey <br />