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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 7 • <br /> OUNDDS 91-103C <br /> STAFF REPORT Report Number: <br /> �� Report Date: 11-04-91 <br /> 4111 AGENDA SESSION DATE NnVRMRRR 4 , 1 991 <br /> DISPOSITION <br /> Item Description: SYSCO DEVELOPMENT AGREEMENT <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> In an effort to wrap up the loose ends with the Sysco Development <br /> Agreement, a settlement is proposed to accomplish two things: <br /> 1) determine reasonable additional City costs to be paid by Sysco and, <br /> 2) determine amount and payment schedule of the Revenue Note as required <br /> by the Development Agreement. <br /> The Development Agreement provides the following basic financing <br /> structure: <br /> • A. The proceeds of the Bonds were to be spent in <br /> the following order: <br /> 1. Pay issuance costs and capitalized interest <br /> 2 . Pay all City Administrative and other <br /> reasonable costs related to the Development <br /> Agreement, the Development District and the TID <br /> 3 . Pay land write-down costs <br /> 4 . pay nnGt____,a_r,f he pu-bl-i-e—improvemeirts <br /> B. Sysco was responsible to pay the City (or reimburse the <br /> City) the costs of the public improvements which exceeded <br /> the net amount of the remaining Bond proceeds <br /> C. The City was responsible for determining the net amount <br /> of the Bond proceeds which were available for payment of <br /> the public improvements and the costs of the land write- <br /> down <br /> Q e0 c �e-e G�tc.� <br /> Samantha Orduno, City Administrator <br /> •RECOMMENDATION; <br />