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AGENDA ITEM 3C <br />STAFF ORIGINATOR: Mary M. Vaske <br />DATE: May 6, 1998 <br />TOPIC: Resolution approving annual transfers for assessments on GNW <br />Mechanical. <br />Per the T.I.F. agreement with GNW Mechanical, assessments owing on the property were to be <br />• .paid with increments over the life of the district. The T.I.F. attorney has suggested an <br />assessment schedule based on the approximate term of the district with 10% interest charged <br />per year. These annual transfers for assessments have been previously approved for all other <br />T.I.F. projects with the same assessment agreement. The total assessment owing is $107,299. <br />1. Approve Resolution 98 -67 to allow for annual transfers for assessments from increment <br />received. <br />2. Send back to staff to determine alternative assessment payments. <br />Option 1 - <br />