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Silver Lake Village Update• Existing GO TIF Bonds - Adequate TIF to make payments2014B Bonds – Housing (Condos)2015B Bonds – Commercial• Landings at Silver Lake Village Tax Petitions2016 and 2017 settled• Decrease in valuation for pay 2017 of $1,848,900• $174,498 reduction to 2ndhalf 2017 TIF settlementNo harm to City• We withheld 100% of 2016 payment of $515,270 to account for reduction• Difference of $340,772 will be paid on February 1, 2017 to Developer• TIF Note expected to paid off 4 years early