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Mayor & City Council <br />December 30, 1999 <br />Page 2 <br />close before that date. Also, the tax increment financing (TIF) District has been <br />expanded, but it has not been filed with the County as we are waiting until the plat is <br />recorded to correspond with size of the TIF District. <br />♦ Revision to section 3.1, paragraph C, item 4 requiring the developer to give us written <br />notice that investigations and due diligence are satisfactory to them. The date has been <br />changed from September 1, 1999 to January 5, 2000. <br />♦ Revision to paragraph D of Section 3.1 indicating that due diligence has been performed <br />and is satisfactory rather than having performance dates. <br />That constitutes the changes to the development agreement. The transaction is also being revised <br />to reflect a 0% loan from Ramsey County to assist with soil corrections. In order to assist the <br />County with minimizing paperwork requirements, this loan will be utilized to assist with land <br />acquisition. However, we will be requiring appropriate documentation of the soil correction <br />costs to allow the contribution for land acquisition. By receiving the 0% loan, the developer will <br />be repaid first from tax increments and after that is complete, we will then repay Ramsey <br />County. (Attached is a copy of the current TIF analysis that is being reviewed by Rusty Fifield.) <br />Subject to any comments by the developer, I will be recommending approval of the amendments <br />to the development agreement as proposed. <br />JRH:kpp <br />Enclosure <br />cc: Reg Plowman, RJ Marco <br />Page 11 <br />