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�S. EN HILLS <br />MEMORANDUM <br />DATE: July 23, 20Q8 <br />TO: Ma�or and City Couneil <br />FROM: Ron Moorse, City Adrninistrator <br />SUB.�ECT: Resal�tion Desigx�ati�g the Rate of Return for Purposes of <br />Negotiation Between ihe City a�d RRLD <br />BACKGROUND <br />A� its July 2] work session, the Couricil reviewed additional financial infarmat�on regarding the <br />TCAAP development project, in order to de�ermine an.acceptable rate of return �'or RRLD, the <br />developer of the TCAAP property. The Council detez�x�ined that, given the numerous risk factors <br />involved in ihe rec�evelopment ofthe TCAAP property, a 15% rate of return would be <br />aceeptable. A resolution desig�lating the rate of retum for purposes of negot�ation between the <br />City and RRLD is attached for CounciI adaption. <br />COUNCIL ACTION REQUESTED <br />Motion to adopt the attached resolution designating a I S% rate of return as an acceptable rate of <br />return for p�rpases of negotiation between the City a�d RRLD. <br />C'lf7ocumcitis and Settingslnolh.simonlLaca] SettingslTempo�ary ]nter�et FiEes10LK6Cleesol re IRR 1oe ItRLD 7-28-08 (Z).doc <br />