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<br /> <br />Par Amount of Bonds 4,975,000.00$ <br />Original Issue Discount (3,069.45)$ <br />Underwriters Discount (136,812.50)$ <br />COI (104,750.00)$ <br />Net Amount of Bonds to Be Disbursed 4,730,368.05$ <br />City of SA for Lift Station (1,855,448.83)$ <br />TIF Available HRA for Phase II (139,957.52)$ <br />Net To Developer 2,734,961.71$ <br />Curb, gutter and realign entries along 39th (150,000.00)$ <br />Retaining Wall (150,000.00)$ <br />Commercial Developer Payment (139,957.52)$ <br />TIF Note Interest April 30, 2004 to April 11, 2005 (94,990.59)$ <br />TIF Note Interest April 12, 2005 to August 1, 2006 (225,345.63)$ <br />Net Remaining For Principal Amount of TIF Note 1,974,667.97$ <br />Acquisition of Cub Easement (1,850,000.00)$ <br />Cub Foods Face Lift (124,667.97)$ <br />BALANCE (0.00)$ <br /> Memo <br /> <br />To: Mark Casey – City Manager <br /> <br />From: Stacie Kvilvang <br />Date: October 23, 2015 <br />Subject: Refinancing of 2006 TIF Revenue Bonds – Silver Lake Village <br />Commercial <br /> <br /> <br />In 2006, Kelly Doran completed the construction of the commercial component at Silver <br />lake Village. They requested that the City/HRA issue tax exempt TIF revenue bonds to <br />“take out” their TIF Note in accordance with the approved Development Agreement (TIF <br />Note was held by the developer). <br /> <br />On August 1, 2006 the City issued $4,975,000 in tax exempt TIF revenue bonds to <br />reimburse the developer for qualified costs for the commercial project, to pay for the lift <br />station required for Phase II development and provide net proceeds to the HRA for <br />Phase II. The use of proceeds is outlined below: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Issuance of these tax exempt TIF revenue bonds was a low risk proposition for the <br />City/HRA since the development was constructed and paying taxes and the bonds were <br />9