Laserfiche WebLink
f <br />�Y- <br />C, l <br />� 13 <br />MEMO TO: MAYOR AND CITY COUNCIL <br />FROM: CLERK -ADMINISTRATOR <br />DATE: APRIL 5, 1989 <br />SUBJECT: SYSCO TAX INCREMENT FUND EXPENSES <br />The City has received billing statements from Moody's <br />Investors Services for the rating of the City's Tax <br />Increment Bond Issue for the SYSCO Project in the amount of <br />$3,000 and from Springsted, the City's fiscal advisors on <br />this project, in the amount of $20,847.81. <br />The City has also received a request from SYSCO Continental/ <br />Minnesota for reimbursement of the expenses experience <br />by <br />f <br />SYSCO for the purchaje of the Miller property <br />at a $1,100,000 plus expenses fo: a total cost of $1,117,775.53. <br />Article 3.7 (a) provides that the redeveloper provide the <br />City with monies to acquire the redevelopment property and <br />pay any incidental costs for acquiring said property with <br />the advance of those funds being a non -interest bearing loan <br />to the City repayable upon receipt of bond sale proceeds. <br />The City has received all of the required mortgages, <br />guarantees, and letters of credit for this project and I <br />have confirmed with our bond counsel, Holmes and Graven, <br />that the payment of these funds would be appropriate at this <br />time. <br />Since the City has received the proceeds from the bond sale, <br />staff would recommend payment of the following monies from <br />that fund. <br />DFP/MJS <br />Moody's Investors Service $ 3,000.00 <br />Springsted $ 20,847.81 <br />SYSCO Continental/MN $ 1,117,775.53 <br />