Laserfiche WebLink
-meg <br /> INTER <br /> MEMO <br /> OF F ICE <br /> To: Chuck Whiting <br /> From: Rick Jopke <br /> Subject: Everest Building N TIF Request <br /> Date: May 29, 1998 <br /> As you may recall,the City Council, in August of 1997 approved a development assistance <br /> agreement with Everest to provide up to $1,200,000 in TIF assistance to facilitate the <br /> development of Building N of the Mounds View Business Park. $615,000 of the $1,200,000 was <br /> to be used towards land acquisition costs and the remaining $585,000 was to be used to offset <br /> public improvement and site improvement costs. Estimated public improvement and site <br /> improvement costs were listed in Exhibits D and E of the development assistance agreement. <br /> Everest has attempted to expand the list of eligible improvements and the City Council has <br /> declined to approve the proposed expanded list of improvements. <br /> Recently Everest has submitted revised Exhibits D and E for city approval. I have reviewed the <br /> proposed revised exhibits and found that the proposed list of public improvements are the same <br /> as approved by the City Council in August of 1997. They have, however, increased the total <br /> amount from$585,000 to $648,000 and changed the amounts allocated to various categories. I <br /> have attached two tables comparing the approved and proposed versions of Exhibits D and E. <br /> I have no problem with the proposed changes as long as it is clear that the total amount of <br /> assistance does not exceed $1,200,000 and that the categories remain the same as was previously <br /> approved. It is also important that before any assistance is provided, Everest submits <br /> documentation of actual costs incurred as is required by the agreement. <br />