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Cancellation of TIF Development Agreement <br />Page 2 <br />MINIMUM ASSESSED VALUE <br />Although Schwieters Properties agreed to a minimum assessed value of $1,483,354 for fifteen years, the <br />City Assessor retained the discretion to assign a market value in excess of this minimum. In fact, the <br />value assigned by the City Assessor has been significantly higher. Since the building was constructed the <br />assessed value has reached as high as $1,822,500. The current value is $1,640,300. We can safely <br />conclude that the business subsidy has been repaid and that it is no longer necessary to enforce the <br />minimum assessment agreement. <br />REQUEST TO CANCEL TIF DEVELOPMENT AGREEMENT <br />Schwieters Properties wishes to refinance their loan with Associated Bank and is requesting that the City <br />cancel the development agreement that has been in effect since 2001. <br />STAFF RECOMMENDATION <br />To the best of the City's knowledge, Schwieters Properties have performed all of the requirements <br />contained in the TIF agreement and have repaid the business subsidy granted by the City. Staff <br />recommends City Council approval of the attached RESOLUTION CANCELLING TAX INCREMENT <br />DEVELOPMENT AGREEMENT. <br />Resolution Cancelling Tax Increment Development Agreement <br />Letter from Associated Bank <br />