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MINUTES <br />CITY COUNCIL <br />NOVEMBER 24, 2014 <br />has also not made the required Commercial Tax Increment Shortfall <br />payments. <br />The Administrator reported that he has had conversations with the <br />Developer about resolving these issues. Sherman Associates had indicated <br />that he would make two payments by November 15th in order to catch up <br />on the TIF shortfall. This has not been done. The TIF shortfall through <br />2013 totals $51.077 including accrued interest. The taxes payable in 2014 <br />for Parcel 1 is $100,086 and $11,086 for Parcel 2. <br />The Administrator recommended that the City Attorney be authorized to <br />provide the proper notice of default to the developer and mortgage <br />company giving the developer the required opportunity to cure. If the <br />default is not cured, the City would have the right to reentry to both <br />parcels, i.e. the City would have the ability to sell these parcels. He noted <br />that there are four parcels involved in this TIF District which also include <br />the Culvers property and the lot behind Culvers. The two parcels subject <br />to this default are The Village parcel and a small adjacent parcel. <br />Keis asked if the developer was experiencing financial difficulties. The <br />Administrator noted that the challenge for the developer is the level of <br />rents he needs to charge in relation to the cost of the building. The <br />Administrator noted that there have been vacancies in The Village <br />building. He also pointed out that this is the first time that the developer <br />has not followed through on his commitments under the development <br />agreement. Otherwise, he was not aware of any financial difficulties on <br />the part of the developer. <br />McGraw introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2019-11-219 — AUTHORIZING THE CITY <br />ATTORNEY TO PROVIDE NOTICE OF DEFAULT TO SHERMAN <br />AND ASSOCIATES AND THE MORTGAGE COMPANY FOR THE <br />VILLAGE PURSUANT TO THE TERMS OF THE DEVELOPMENT <br />AGREEMENT <br />The foregoing resolution was duly seconded by Keis. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />DECERTIFY The City Administrator reviewed his report dated November 24, 2014 <br />PARCEL recommending the decertification of Parcel 04-29-22-30-0070 from TIF <br />FROM TIF District 6-1. The Administrator noted that when this TIF District was <br />4 <br />