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Pat Klaers <br /> Term Sheet--Presbyterian Homes Redevelopment <br /> December 6, 2010 <br /> Page 2 <br /> In discussions with Presbyterian Homes, they are open to allowing the City to take the maximum <br /> administrative and pooling amount, as long as they can receive ninety (90) percent for the first five <br /> (5) years. To achieve the maximum amount (20%), starting in year six (6) the amount available to <br /> the City would increase to twenty-five (25) percent. This would leave seventy-five (75) percent <br /> available to reimburse Presbyterian Homes for qualified cost. <br /> If the City would choose to move forward with this approach, it would extend the term of the <br /> obligation from twelve (12) years to fourteen (14) years. However, it should be noted that the _ <br /> principal amount of the TIF Note will stay the same but would be paid over a longer period of time <br /> since the percentage of TIF they receive on an annual basis is reduced from 90%to 75%. <br /> Please contact me at 651-697-8506 with any questions. <br />