Laserfiche WebLink
<br /> <br /> <br /> <br />5. Tax Increment <br />a. Total assistance of $3.9 million <br /> <br />b. Up front assistance of $600,000 for demolition related costs and is paid upon proof <br />of expenditure <br /> <br />c. The Developer will receive two (2) pay-as-you-go notes totaling of $3.3 million <br /> <br />i. Phase I Note is for $1,950,000 and Phase II Note is for $1,350,000 <br />1. Phase II Note may be combined with the Phase I Note and issued <br />upon proof of financing for Phase II and upon receipt by the City/HRA <br />of qualified costs in this amount <br /> <br />ii. Term of the TIF Note(s) will be for 9 years (7 years for Phase II Note) <br /> <br />iii. Interest will be at the lesser of 5% or the Developer’s actual financing rate <br /> <br />iv. Developer will receive 25% of the tax increment generated <br /> <br />6. Taxes <br />a. If Developer petitions for a reduction in their taxable market value they must inform <br />the City/HRA in writing <br /> <br />b. The HRA will withhold payment on the TIF Note(s) until the tax petition is dismissed <br />or stipulated <br /> <br />7. Property Management <br />a. Developer is required to always engage a property management company with <br />substantial experience in rental housing and must submit evidence upon request <br /> <br /> <br />Please contact me at 651-697-8506 with any questions. <br />