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07-01-2019 Council Packet
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07-01-2019 Council Packet
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10/30/2021 1:08:48 PM
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City Council
Council Document Type
Council Packet
Meeting Date
07/01/2019
Council Meeting Type
Work Session Regular
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10 <br />(c) The Developer intends to construct an addition to the Senior Building at some point <br />in the future which will include approximately 56 units of skilled nursing units (the “Skilled <br />Nursing Units”). The Developer shall build the Skilled Nursing Units if it is able to obtain the <br />proper approvals needed from the State. If the Developer is unable to obtain the proper licensing <br />from the State to operate the Skilled Nursing Units after diligent efforts to obtain such licensing, it <br />shall not be a default hereunder if the Developer does not build the Skilled Nursing Units. <br /> <br />(d) The Developer acknowledges and understands that all of the assisted living units <br />within the Senior Building must include kitchen facilities and bathrooms. In addition, the <br />Developer confirms that none of the assisted living units within the Senior Building will receive 24 <br />hour medical care. <br /> <br />(e) The Developer further acknowledges and understands that no more than twenty <br />percent (20%) of the square footage of buildings that receive assistance from tax increments may <br />consist of commercial, retail, or other nonresidential uses. If the Developer constructs the Skilled <br />Nursing Units as an addition to the Senior Building, the Skilled Nursing Units and all other <br />commercial, retail, or other nonresidential uses within the Senior Building must not be more than <br />twenty percent (20%) of the Senior Building. If the Skilled Nursing Units are constructed more <br />than three years after the construction of the Senior Building is completed, the expansion of the <br />Skilled Nursing Units may be treated as a separate building and will not be counted toward the 20% <br />limit for commercial, retail or other nonresidential uses in the Senior Building. <br /> <br /> Section 3.4. Reimbursement of Senior Building Costs. <br /> <br />(a) The Developer shall take all commercially reasonable action necessary to acquire <br />the Development Property and construct the Minimum Improvements. In order to make the <br />development of the Senior Building economically feasible, the Authority shall reimburse the <br />Developer for Senior Building Costs in the maximum amount of $3,600,000. <br /> <br /> (b) Senior Building Costs shall include acquisition of land within the TIF District in the <br />maximum amount of $487,000, demolition and remediation costs directly related to the Senior <br />Building, parking improvements related to the Senior Building, and costs of constructing the Senior <br />Building. <br /> <br />(c) The Developer will be reimbursed for Senior Building Costs with $382,000 from the <br />Willow Ponds TIF District and the TIF Note described in Section 3.5 hereof. <br /> <br />Section 3.5. Issuance of TIF Note. <br /> <br />(a) Terms. In order to reimburse the Developer for a portion of the Senior Building <br />Costs related to development of the Senior Building on the Development Property, the Authority <br />shall issue and Developer shall purchase, for the consideration outlined herein, the TIF Note in the <br />maximum principal amount of $3,218,000 in substantially the form set forth in EXHIBIT D <br />attached hereto. The Authority and the Developer agree that the TIF Note shall be issued in <br />consideration of the Developer paying the Senior Building Costs. Before delivery of the TIF Note, <br />the Developer shall have:
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