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replacement, and conversion of building from interior mall <br />to exterior orientation and signage. Work undertaken with <br />these funds shall be competitively bid pursuant to Minnesota <br />Statutes 471.345. Any amount in excess of $350,000 $300,000 <br />to complete this work shall be provided by Developer. The <br />City will disburse funds at pre- determined intervals after <br />receipt of appropriate lien waivers for work completed. If <br />circumstances are such that $300,000 is not needed to <br />complete this portion of the project, any unexpended balance <br />shall be applied against the outstanding loan balance. <br />- (3)--- Prevdde f4mane <br />Au€i et: - P©wer —( <br />40-04i. Btdgt <br />Ptace. T-1 -Gi-ty will purchase this property from the <br />De e -leper for a -'mac rct t cxcccd $300,000 (bated on <br />eane nt assessor's estimated market value of $290,000 -), <br />pr.-e ded- <br />the- ptrcse- price and on a lease agreement. If these <br />agreemen cd by Dcccmbcr 1, 1995, this <br />prevei-s-i n shall bc deleted from the Statement of <br />Urnder. ct-a <br />pa eels €er 1- es- s-0,97-3-0--9 090, difference will bc split <br />U0/40-146 <br />0--b <br />be4rng used- <br />Power prepertyr <br />eloper for the purchase of <br />(3) Provide financing to the Developer for the construction of <br />enhancements to the building and site in a manner consistent <br />with the Development Guide and as mutually agreed upon. The <br />cost of the enhancements is currently estimated to be <br />$200,000. This amount is to be paid out after completion of <br />required improvements and receipt of appropriate <br />documentation of same. To assist in determining the <br />workscope to be completed, Developer will provide renderings <br />which will serve as the basis of understanding for the <br />expenditure of these funds. Conceptual agreement on <br />workscope is to be achieved by November 20, 1995. Specific <br />determination of work to be undertaken will be made after <br />completion of the City's Architectural Guidelines for this <br />redevelopment area. <br />(4) Issue General Obligation Tax Increment Bonds to finance <br />these activities. The proceeds of the bonds will be loaned <br />to the Developer. For items (1), (2), and (3), the loan <br />shall be for a thirty-six month (36) period. The monthly <br />payment will be based on a 20 -year amortization schedule at <br />an interest rate 1.25% above the net interest rate on bonds <br />issued by the City. It is estimated that this rate would be <br />8.90% under current market conditions. Principal and <br />interest payments shall be based on the full loan amount <br />-2- <br />