Laserfiche WebLink
7S <br /> 3. The facility will be complete prior to January 2, 1997 with first taxes • <br /> due and payable in 1998. <br /> Based upon these assumptions, Ste. Marie Company/SuperValu is seeking an up-front <br /> TIF package which would reimburse Ste. Marie Company a total of$1,860,000. Ste. <br /> Marie Company, in turn, would agree to compensate the City with a direct payment <br /> of $250,000, based upon the LGA Loss. In addition Ste. Marie Company will <br /> s <br /> complete the first phase drainage improvements, as indicated on the site plan. <br /> .� We have prepared a preliminary analyses which identified the structure of the tax <br /> 1 increment bond, the estimate of increment, calculation of the estimated LGA Losses <br /> and a "demonstration" bond run which suggests that the bond issue could be retired <br /> in the year 2012/2013. <br /> i <br /> There are a number of associated issues, and we wanted to summarize these issues <br /> based upon this request: <br /> HAZARDOUS WASTE SUB-DISTRICT <br /> In addition, after review with our legal counsel, the project appears to qualify for <br /> funding through creation of a Hazardous Waste sub-district. The net proceeds would • <br /> be devoted strictly to correct things such as asbestos removal, soil remediation, and <br /> to assist correcting the drainage issues. This process utilizes the increment generated <br /> by reducing the base value of the district to $.00 for the term of the hazardous waste <br /> sub-district. <br /> The amount of hazardous waste remediation required by this phase is relatively <br /> modest. We do anticipate significant additional costs in future phases and wish to <br /> reserve the right to discuss the potential establishment of this type of district for future <br /> .J <br /> phases. <br /> PAY-AS-YOU-GO ASSISTANCE <br /> We are not requesting any additional pay-as-you-go assistance, at this time. We do <br /> expect additional increment to be generated from the retail/fast food lots in this plat. <br /> We would reserve the right however to request additional up-front assistance based <br /> upon future phase development. <br /> I <br />