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utilizing the Letter of Credit, the principal amount can be reduced by one year for each year the <br />guarantee is met based on the present value calculation of how much money is needed to secure <br />the TIF guarantee through completion of the deal. (Taxes collected through 2015) The <br />calculation was based on guarantee payments estimated at $10,000 starting in 2002 through 2015 <br />with a present value factor of 5.5 %. This amount is assuming some entity is making the normal <br />tax payment. <br />C. The plat for the entire project is to be filed no later than September 131, 2001. <br />C. The provision for the $50,000 deposit can be eliminated due to the LOC provisions. <br />C. We will still be withholding our Phase I payments until the Phase II building is completed as <br />evidenced by the issuance of a Certificate of Occupancy. <br />C. Corrections to the berm from Phase I need to occur as outlined in your last draft. <br />This constitutes the discussions I have had with the Developer. As always, please address any other issues <br />that are appropriate. I want to get a draft ASAP with the Developer to execute before Wednesday's <br />meeting. <br />Thanks for your help. <br />cc: Mayor & City Council <br />Ed Pardee <br />Dick Biagini <br />PAGE 86 <br />