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MEMORANDUM <br /> • <br /> DATE: August 26, 1996 <br /> TO: Mayor and Councilmembers <br /> FROM: Michael Morrison, 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. In addition are some changes <br /> the City Council may want to consider later this year (these are shaded). <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 $g59,99A Construction underway. $165,000 paid <br /> (18), townhomes valued at 2 ObU to developer. $95,000 remaining to be <br /> $175,000 paid upon completion of 10-14 units. <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 $509,9ee No activity. <br /> $1,00o,wo Expand project area. <br /> t ,300•g = + <br /> Apache Plaza $300,000 Money spent on CUB. <br /> Future redevelopment. <br /> is <br />