Laserfiche WebLink
( �)� OORSEY 04 <br /> 4. Tax Increment <br /> A. Creation of a Redevelopment TIF District. The City and HRA have created a <br /> Redevelopment TIF District. <br /> B. TIF Assistance. The Developer will receive ninety (90) percent of the available <br /> TIF for 25 years on a Pay-As-You-Go basis, with a present value (assuming no inflation) of <br /> approximately$3.4 million to $4.1 million. If a two percent inflation factor is considered, this <br /> range would increase to approximately $4 million to $4.8 million. The final assessed value of <br /> the property will be determined by the County Assessor, and this final valuation will be used to <br /> determine the final TIF amount. Those assessed values are currently estimated in the range of <br /> $95,000 to $115,000 per unit. The Developer will pledge their TIF note to the construction <br /> lender. <br /> C. TIF Adjustments. After the development is constructed and has received its <br /> Certificate of Occupancy from the City, the Developer is required to submit to the HRA, a final <br /> sources and uses statement from a certified public accountant that is approved by the HRA. To <br /> the extent the sources of funds exceeds the uses, the Developer will have thirty (30) days to <br /> submit an amount equal to fifty (50) percent of the amount by which total sources exceed total <br /> uses to the HRA. <br /> 5. Miscellaneous <br /> A. Developer Fee. The Developer will defer payment of their development fee until <br /> after the development has been constructed. <br /> B. Timing. The Developer will, subject to Unavoidable Delays, begin construction <br /> by January 31, 2005, and complete the project by July 1, 2006. <br /> 2 <br /> DORSEY&WHITNEY LLP <br />