CC PACKET 07252006 - Laserfiche WebLink

Home Browse Search

FREERS & ASSOCIATES INC To: Mike Mornson —HRA Executive Director 0C From: Stacie Kvilvang —Ehlers and Associates c Date: July 19, 2006 W Subject: Additional Qualified TIF Cost Reimbursement —Silver Lake Homes I, LLC. As part of the redevelopment of the Northwest Quadrant, the City/LIRA was required to put in ' ' _ � •t 1`__ _ � 1 • 1 11 1• 1 ,• 1 1 , various public improvements including roadways, sideway �s, ��gnung, lanascap�ng, siorm warer ponding, -etc. It was agreed to by the parties that if these expenditures exceeded available revenue to the City/HRA, that the developer would pay for these TIF qualified costs and the City/ -IRA would reimburse them through additional tax increment, if it was available in the future. Grant funds and special assessments were not sufficient to cover these costs and the developer was required to pay an additional $360,777 in qualified costs to assure the improvements were completed in a timely fashion. The developer is now requesting the City/HRA to reimburse them for these costs as agreed to. Due to the success of the project overall, we have determined that there is sufficient increment available to reimburse the developer for these costs. The reimbursement will be from TIF revenue bond proceeds generated as part of the take out financing that is being completed for the commercial portion of the project. It should be noted that this reimbursement does not increase the amount of the Phase lA and 1B For Sale Housing Developer Note as outlined in section 123 (b) and (c) in the Redevelopment Agreement dated December 19, 2003. This reimbursement is for costs above and beyond what was anticipated at the time of execution of the Agreement. Please contact me at 651-697-8506 with any questions. cc: Jay Lindgren -- Dorsey & Whitney File LEADERS IN PUBLIC FINANCE 3060 Centre Pointe Drive Phone: 651-697-8506 Fax: 651-697-8555 Roseville, MN 55113-1105 skvilvang@ehlers-inc.com 5