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Joel Hanson <br />February 20, 1990 <br />Page 2 <br />2. Expansion of TIF district. We would recommend that the four <br />homesites adjacent to the St. Paul Waterworks be included in <br />the existing Tax Increment Financing district. <br />3. Modification of budget. The original budget was structured <br />just based upon the numbers required for Phase I of Mr. <br />Brueggemann's development. Sensing that the legislature may <br />alter the review process for future Tax Increment Financing, <br />we would recommend that the budget be expanded to include <br />future acquisition, demolition, and public improvement <br />costs, which may be required to complete the project. <br />Please understand that this modification only provides an <br />authorization for proceeding with financing, and does not <br />commit the City to complete future phases of the project. <br />Each of these phases would be covered by separate <br />development agreements, and would be negotiated only as the <br />developer commits to the project. This process only <br />facilitates and assures that the project can be completed as <br />originally proposed. <br />Our suggestions for modification of the budget are as follows: <br />TIF DISTRICT 2 -1 <br />Acquisition <br />Public Improvement - -Off Site <br />Demolition /Site Development <br />Subtotal <br />LESS: Dev. Repurchase Cost <br />Contingency <br />Administration <br />Professional Services <br />Subtotal <br />As Approved As Modified <br />2/14/90 3/28/90 <br />$ 482,900 $ 1,775,000 <br />- 0 - 150,000 <br />35,000 150,000 <br />$ 517,900 $ 2,075,000 <br />(184,908) (684,500) <br />- 0 - <br />$ 48,008 <br />5,000 <br />$ 386,000 <br />$ 150,000 <br />18,500 <br />$ 1,559,000 <br />Capitalized Interest $ 85,000 $ 365,000 <br />Discount 9,000 36 000 <br />TOTAL BOND ISSUE $ 480,000 $ 1,960,000 <br />Page 48 <br />