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tMEMORANDUM <br /> DATE: March 27, 1996 <br /> TO: Mayor and Councilmembers <br /> FROM: Michael Mornson, City Manager <br /> ITEM: STATUS UPDATE ON TIF <br /> Following is an update on the TIF plan and expenditures that were recently <br /> approved by the City Council on June 27, 1995. <br /> The total approved was $6,203,000 and is summarized as follows: <br /> Expenditure <br /> Activity Authorized Project Status <br /> • Evergreen Twin Homes $150,000 Construction underway. $12,500 paid to <br /> (12), min. value $175,000 developer upon issuance of certificate of <br /> occupancy per unit. 12 X 12,500 = <br /> $150,000. <br /> Gregory Redevelopment $350,900 Construction underway. $165,000 paid <br /> (18), townhomes valued at 260,;a to developer. $95,000 remaining to be <br /> $175,000 paid upon completion of 10-14 units. <br /> $90,000 remaining for future redevelop- <br /> ment of additional properties. <br /> American Monarch $125,000 Industrial Custom Products located in <br /> Industrial Custom Products building. $125,000 paid out. <br /> Community Center $3,000,000 $2,650,000 bonds issued. Construction <br /> underway. <br /> Autumn Woods Project $500,000 No activity. <br /> Apache Plaza $300,000 No activity. <br /> • Clark Station $30,000 No activity. <br /> &I No <br />