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<br />John Herman <br />August 4, 2004 <br />Page 6 <br /> <br />b. If TIF revenue funds are insufficient, the City will consider assisting the <br />Redeveloper in obtaining an interim loan from Fannie Mae, with [lIst security being <br />withheld Redeveloper profit and prepaid Redeveloper expenses. <br /> <br />IV. Rental Housing Development, Special Terms. <br /> <br />A. Land Sale bvRedeveloper. <br /> <br />a. It is the City's and Ehlers understanding that the Redeveloper agreed to pay <br />$12,900/unit and not $13,OOO/unit. ill addition, this amount included payment for <br />SAC/W AC and Park Dedication Fees. <br /> <br />b. The housing Redevelopers will be required to pay Park Dedication Fees to the City <br />as well as SAC/W AC charges. <br /> <br />B. Separate Redevelopment Contract. No Changes. <br /> <br />V. Commercial Development, Special Terms. <br /> <br />A. Land Sale bvRedeveloper. Purchase price should be reflected as $4,165,000 or $5.31 <br />sq/ft. The Asbestos grant and Site hnprovement Costs should not be applied as part of <br />the purchase price, since they are not an acquisition cost paid by the Redeveloper and <br />are or should be addressed elsewhere in the agreement. <br /> <br />B. Site hnprovements bv Redeveloper or Commercial Developer. <br /> <br />a. The City and Ehlers needs to see and review an itemization of $2,850,000 of <br />development costs to determine if they are valid reimbursable development <br />expenses. These costs will not be viewed as a credit against the purchase price of <br />the land. <br /> <br />C. Liquor Store. Delete. Refer to Section II G. <br /> <br />D. Financing. No Changes. <br /> <br />VI. For Sale Housing Development, Special Terms. <br /> <br />A. Land Sale bv Redeveloper. The City and Ehlers does not agree that $7,500 per unit is a <br />Fair Market Value for the Land or within the range of other similar projects that have <br />been recently completed in the Metropolitan Area ill addition, the City and Ehlers will <br />need clarification on which housing units will pay special assessments for various <br />improvements and the amount of the special assessment for each housing phase and type <br />(currently understood that only Phase ill For Sale Housing will pay special assessments). <br /> <br />B. Land Sale bv Authority or Redeveloper. See comments in section above. <br />