Laserfiche WebLink
•Page Two of Two <br /> Everest Group <br /> 7/1/96 <br /> Building "K" <br /> (Terms: 10-years "Pay-as-you-go"revenue note, 7% interest, 35% Admin*) <br /> Construction 1997, pay 1999 <br /> * City would take the lead on acquiring privately owned homes on the site and take the costs of <br /> acquisition, relocation, closing and administrative costs for these transaction out of the increment <br /> generated from the project. <br /> Total Reimbursement: $409,778.38 present value plus interest of$284,499.62 <br /> Assistance per sq.ft.: $1.67 <br /> Combined proposal: <br /> (Terms: 9-years "Pay-as-you-go" revenue note, 7% interest, 20%Admin*) <br /> * City would take the lead on acquiring privately owned homes on the site and take the costs of <br /> acquisition, relocation, closing and administrative costs for these transaction out of the increment <br /> generated from the project. <br /> Total Reimbursement: $1,205,672.14 present value plus interest of$661,751.66 <br /> Assistance per sq.ft.: $2.21 <br /> As you know the EDA has a strong interest in completing the Mounds View Business Park in the • <br /> upcoming years but we would like to stay consistent with the types of pay-as-you-go tax increment <br /> arrangements that have been approved over the past few years. <br /> Please contact me as soon as possible if you are interested in discussing this proposal with the EDA at <br /> the July 8, 1996 work session. With the July 4th holiday, I would need a response no later than July 2nd <br /> to include the information in the EDA agenda packet. <br /> Sincerely, <br /> Lo..4.-It Rd <br /> Cathy Bennett <br /> EDA Executive Director <br /> cc: Chuck Whiting, City Administrator <br /> Jim O'Meara, Briggs and Morgan <br /> • <br />