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Item No: 1 <br />Meeting Date: October 1, 2001 <br />Type of Business: WK <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; CB: Council Business <br /> <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: James Ericson, Community Development Director <br />Item Title/Subject: Discussion and Update Regarding the Mermaid <br />Development Assistance Agreement <br />Date of Report: September 27, 2001 <br /> <br />Background: <br /> <br />City staff, working with the assistance and advice of Jim O’Meara of Briggs And Morgan, <br />has been working very closely with the attorneys representing the Mermaid in an effort to <br />finalize the documents for the Mermaid Project, namely, the Development Assistance <br />Agreement which spells out the terms and conditions of the Tax Increment Financing to <br />be provided for this project. I am pleased to report that we are close to having final <br />documents ready for the EDA’s review and consideration. <br /> <br />Discussion: <br /> <br />Jim O’Meara will be present to discuss the particulars of the Development Assistance <br />Agreement, which is undergoing final revisions. While not ready for the Council’s review <br />on October 1, we do hope to provide the Council with the draft of the offering document, <br />otherwise known as the Private Placement Memorandum (PPM), prepared by attorneys <br />representing the Mermaid. If available, the PPM will be delivered separately by hand to <br />the Council due to the length of the document. <br /> <br />Recommendation: <br /> <br />No action is requested for this meeting. If the Council should have any questions prior to <br />the meeting, please feel free to contact me directly. <br /> <br /> <br /> <br />_____________________________________ <br />James Ericson <br />Community Development Director <br />763-717-4021 <br /> <br />C:\WINNT\Profiles\Jime\Favorites\Comm Dev Stuff\TIF\Mermaid DAA - Oct 1, 2001.doc