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EVERGREEN TOWNHOMES IN ST. ANTHONY <br /> SUMMARY OF TAX INCREMENT FINANCING REQUEST OF JUNE 17, 1988 <br /> SUBMITTED BY: EVERGREEN DEVELOPMENT CORPORATION <br /> PROPOSED PROJECT: <br /> TYPE: For Sale Townhomes <br /> 37 units, Base units - 1Br + den, 2 Br. <br /> 1214 to 1412 Sq. ft. in size for base units- <br /> optional expansion available <br /> PRICE: $ 95,500 average <br /> LOCATION: See preliminary plan <br /> DEVELOPED PLAN: Phased construction based on market acceptance <br /> ASSISTANCE: Request $ 327,000.00 in TIF for soil correction. <br /> Evergreen Development Corporation and its principals <br /> will sign and be responsible for the financial <br /> obligations negotiated as a result of this request. <br /> FINANCING: Privately arranged to encompass appoximately $ 800,000 <br /> for use on a revolving basis given phased nature of <br /> development. Publicly assisted through tax increment <br /> financing as outlined above. <br /> DEVELOPMENT TEAM: Presently consists of members experienced in -.the <br /> residential housing disciplines of planning, <br /> architecture, marketing, sales and finance. Currently <br /> negotiating with building contractors having specialized <br /> skills in the townhome construction field to find the <br /> right fit with existing team members, quality and cost <br /> parameters. <br /> SOURCE AND USE <br /> OF FUNDS: Previously submitted . <br />