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i <br /> MEMORANDUM <br /> DATE: August 10, 1995 <br /> TO: ✓roger Larson, Finance Director <br /> FROM: Michael Mornson, City Manager <br /> ITEM: PAYMENT OF FUNDS FOR THE GREGORY <br /> TOWNHOUSE PROJECT, THE NEDEGAARD <br /> TOWNHOUSE PROJECT, AND KEN SOLIE (AMERICAN <br /> MONARCH) PROJECT <br /> On June 27th the City Council authorized the above three development projects <br /> and provided tax increment assistance out of the existing tax increment fund <br /> balances. The following represents how the TIF proceeds will be paid, the <br /> amount and which district's fund balance they,should come out of. <br /> PROJECT 1 <br /> Description: Arnie Gregory, 18 townhouses to be developed on the <br /> Makowske/OIson property. <br /> Amount of TIF: $260,000 <br /> How Paid: kIIJ000 at closing, estimate closingof August 18 1995• <br /> 000 site improvements, estimate November 1, 1995• <br /> $95,000 when 10 to 14 units ave n comp eted, <br /> estimate January, 1996. <br /> Source of TIF: Kenzie TIF Fund balance is $673,000 as of December 31, <br /> 1994. <br /> PROJECT 2 <br /> Description: Ken Solie and Jerry Cowan are purchasing the American <br /> Monarch building and will make about$200,000 worth of <br /> improvements to*the building and relocating a company <br /> from MoundsView into the building. • <br /> Amount of TIF: $125,000 <br />