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Housing and Redevelopment Authority Meeting Minutes •June 13, 2000 Page 2 Drop four parcels from the existing TIF District, subsequently creating a new district containing the four dropped parcels and one additional parcel (Taco Bell). 3 2. Complete rehabilitation of Apache Plaza with a potential new market value of 4 approximately $70 per square foot. 5 3. Provide increment to the developer in the amount of approximately $4 million 6 (present value) or $10 million gross. 7 4. Provide increment to the City to complete storm water improvements in the 8 amount of approximately $1 million (present value) or $2.3 million gross. 9 5. Decertify TIF district in Year 2018. 10 6. Developer agrees to enter into a minimum assessment agreement. 11 Furthermore, Mr. Steinman raised certain points for the Commission to consider, which 12 included: �13 1. Amount of developer subsidy - $4 million requested (present value). T4 2. City participation in storm water improvements - $1 million: 15 a. Scenario A: $1 million taxable GO Tax Increment Bond; 16 b. Scenario B: $750,000 taxable GO Tax Increment Bond plus $250,000 tax 17 exempt Storm Water Utility Bond. 18 3. LGA/HACA penalty vs. local contribution. 19 4. Fiscal disparities from inside TIF District vs. outside TIF District. 20 21 Various discussion ensued with specific questions and issues for Mr. Steinman regarding the 22 options presented (above) and possible alternatives to the options on the list. 23 Jim Casserly, who was in the audience and stated that he had been conferring and working with 24 Mr. Steinman on this issue, stated that the company he works for has extensive experience in tax 25 increment projects. Mr. Casserly was invited to approach the Commission. He offered some 26 reinforcement advice for the Commission and some clarifications on some of the details. 27 Executive Director Morrison invited Mr. Scott Tankenoffof Hillcrest Development to address 28 the Commission regarding the stormwater issues. Mr. Tankenoff stated that the current issue at 29 hand is determining what the percentage of the stormwater problem, for the water quality issue 0 of Silver Lake is an Apache issue.