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ain thou <br /> • Oilla a VA : <br /> DATE : A P PRO L <br /> April 6, 1990 <br /> TO : H.R.A. Members <br /> FROM : Thomas D. Burt, Executive Director <br /> I TEM : LANEL REQUEST - EXCESS TIF MONEY <br /> On December 12, 1989, Paul-Brewer from LaNel appeared before the Council <br /> requesting the City to allow LaNel to retain some of the surplus tax <br /> increment due on their project in the event that the assessed value is <br /> higher than expected and the taxes due on an individual unit basis <br /> exceed an amount of $1,200. The Council tabled the matter until the tax <br /> statement was received. <br /> Since that time, Mr. Brewer has sent a letter to Mayor Pro Tem Ranallo <br /> on March 16, 1990, addressing this issue, which was distributed to the <br /> Council . City Attorney Bill Soth subsequently responded to me <br /> concerning LaNel's request, which the Council has received. <br /> • Information I have received is that the taxes on the Autumn Woods site <br /> in 1988 was $60,028.64 and in 1989, $50,335.12. In 1989 units were <br /> occupied in late October so the increase does reflect some improvement <br /> to the property. This is still well below the $1 ,200 per unit. <br /> I <br /> ' 4 <br /> cjk:4 .10.90 <br />