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Music Off 10 / Business Park site has also been acquired. To make the site contiguous, the access <br />to the Business Park will be relocated west toward the existing Pettibone (aka Builder’s Equipment <br />Company) site. <br /> <br />From a financial perspective, the Mermaid has secured financing from the investment firm John G. <br />Kinnard & Company. In February, city staff had the opportunity to meet a representative from <br />Kinnard, along with the Mermaid’s attorney, architectural, appraisal, and engineering consultants. <br /> <br />Pay-as-you -go Tax Increment Finance Request: <br /> <br />Last week, the Mermaid submitted an application requesting pay-as-you -go tax increment finance <br />assistance from the city. Subsequently, the Economic Development Commission reviewed and is <br />recommending preliminary approval of the aforementioned application. The application process is <br />as follows: <br /> <br />1. Applicant submits the completed application and Deposit Agreement. -Completed <br />2. City staff reviews the application and completes the Application Review Worksheet. - <br />Completed <br />3. Results of the Worksheet are submitted to the appropriate governing authorities for <br />preliminary approval of the proposal. –In Progress <br />4. If preliminary approval is granted, a development agreement, business subsidy <br />agreement, and amendments to the Tax Increment Financing Plan, along with all <br />necessary notices, resolutions and certificates are prepared by City staff and/or <br />consultants. <br />5. The Economic Development Authority holds necessary public hearings and considers <br />final approval of the proposal. <br /> <br />At this point, we are in the preliminary approval stage of the application process. If preliminary <br />approval is granted, city staff will then negotiate the appropriate agreements and amendments to <br />the TIF plan for final consideration by the Economic Development Authority. <br /> <br />As previously mentioned, the proposal before the Council at this time is for pay-as-you-go TIF <br />assistance. This is contrasted with up-front financing where the city issues bonds that are repaid <br />with the increment generated by the project. When compared to up-front financing, pay-as-you- <br />go financing poses significantly less risk to city. <br /> <br />Based on the evaluation tool contained within the existing TIF policy adopted in 1997, the <br />Mermaid scored favorably. The overall results are as follows: <br /> <br /> <br />10 Years* 21 and Over (23) <br /> 7 Years* 17-20 <br /> 5 Years* 14-16 <br /> 3 Years* 11-13 <br /> 0 Years 0-10 <br />TTeerrmm ooff AAssssiissttaannccee PPooiinntt VVaalluuee