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Mayor & City Council <br />January 23, 1998 <br />Page 2 <br />♦ information. This revision was discussed with Dominium Friday afternoon and they are <br />making revisions to the section based on our conversation.) <br />♦ The Agreement provides for an annual payment to the City to keep us whole in our <br />property tax collections after they are eligible for the 4(d) class rate. These payments <br />would continue for the life of the bonds. It is also important to note that they will not <br />begin until the escrow for sprinklering the buildings is fully funded. (Again, the language <br />enclosed in the draft Agreement does not reflect the summary. These changes have been <br />agreed to and will be forthcoming in the revised document.) <br />I feel the proposed Agreement is an excellent outcome to this matter. We have provided a <br />method to fund sprinklering of the property as well as protect the City from reductions in <br />property taxes due to the 4(d) class rate. Property improvements have been made and coupled <br />with improved management should lead to long -term stability for this property. <br />If you have any comments or questions after reviewing the draft, please let me know. The <br />revised Agreement should be ready for Wednesday's meeting. Mary Ippel at Briggs & Morgan <br />has reviewed the Agreement and she feels that it accomplishes our objectives. Subject to any <br />comments by the City Attorney, I would recommend approval. <br />JRH:kpv <br />Enclosure <br />Page 78 <br />