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AGENDA ITEM 3B <br />STAFF ORIGINATOR: Mary M. Vaske <br />DATE: June 2, 1998 <br />TOPIC: Resolution approving annual transfers for assessments on Rice <br />Industries. <br />Per the T.I.F. agreement with Rice Industries, 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 <br />$51,260.05. <br />Approve Resolution 98-80 to allow for annual transfers for assessments from increment <br />received. <br />Send back to staff to determine alternative assessment payments. <br />Option 1 - <br />