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Mayor & City Council <br />January 8, 1999 <br />Page 2 <br />If you are interested in implementing my recommendation, two options may exist. The first is to <br />pay cash for the property. This places the TIF fund in a temporary deficit position. Another <br />option Mr. Nadeau is considering would be our purchase via a contract for deed. The term <br />would be for 5 -10 years. This would give us more time on financing the acquisition without <br />creating a deficit. Hopefully, other redevelopment will have occurred to offset this purchase. <br />Your direction on this matter would be appreciated. <br />JRH:kpp <br />Enclosure <br />cc: Ed Nadeau <br />Page 102 <br />