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85 E.SEVENTH PLACE,SUITE 100 <br /> SAINT PAUL,MN 55101-2887 <br /> 651-223-3000 FAX:651-223-3002 SPRINGSTED <br /> Public Finance Advisors <br /> MEMORANDUM <br /> TO: Mike Mornson, City Manager; Mayor and City Council - St. Anthony Village <br /> FROM: Paul T. Steinman, Vice President/Client Representative <br /> CC: Robert Thistle, Senior Vice President <br /> DATE: July 28, 2000 <br /> SUBJECT: Apache Redevelopment <br /> The purpose of this memo is to discuss the public comments provided at the meeting on July 25, 2000, and <br /> to summarize Springsteds recommendations with regard to the Hillcrest redevelopment proposal. <br /> The public comments at the meeting on the 251h likely created additional questions and may have added to <br /> the confusion about this project. Unfortunately a particular member of the public made very few accurate <br /> representations about this project, although public input is always welcomed and encouraged. Given the <br /> complexities of this project, however, the public comments were not surprising. <br /> What follows is my response to several points raised during the public hearing: <br /> • There are no bonds being issued by the City for this project. <br /> • The only up-front payment made will be the $300,000 provided by the HRA toward <br /> storm water improvements, and the money will not be paid until all the storm water <br /> improvements (potentially $1 million) are completed to the satisfaction of the City. <br /> • The pay-as-you-go note to be issued to the developer in the amount of$4 million plus <br /> the cost of storm water improvements, is NOT'a general obligation of the city, thereby <br /> almost completely eliminating any potential financial risk associated with the project. <br /> • The pay-as-you-go note is detailed as follows: <br /> o The pay-as-you-go note will be paid by the City on an annual basis starting in <br /> 2002 through 2018. <br /> ♦ The pay-as-you-go note is paid from additional taxes (tax increment) generated <br /> on the Apache site as a result of improvements the developer has made. <br /> SAINT PAUL,MN - MINNEAPOLIS,MN - MILWAUKEE,WI - OVERLAND PARK,KS - WASHINGTON,DC - DES MOINES,IA <br />