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September 30, 1996 <br /> Page Two <br /> 111 Due to this taxing situation, Everest's present value assistance reduces by approximately$350 - $400 <br /> thousand to $895,912 which is similar to the original counter offer by the City in July and equaled <br /> almost$3/s.f. in unreimbursable costs. Due to these new circumstances and the realization that if the <br /> project develops the City would gain approximately$120,000 from the taxing differential,we are <br /> suggesting a reduction in the administration fees from 15%to 10%. With this reduction in <br /> administration fees, the project is equivalent to $1.1 million present value assistance to Everest. This <br /> increases their unreimburseable costs from$1.60/sf to $2.24/s.f. Staff feels that to make this project <br /> work this is a proposal we can supprt and over the long run is a good development for the City and <br /> assists in generating taxes for the County and School district. <br /> • <br /> r <br /> 4110 <br />