Laserfiche WebLink
1.Feasibility Period: <br />For a period from December 13, 2023,untilDecember 14, 2024,or until and if the <br />the private party is terminated <br />,the parties will perform their due diligence toward the purposes of this <br />Memorandumof Understanding. Overall, the considerationof Tax Increment <br />Financing is contingent on the Developer attaining the requirementsof a Tax <br />Increment FinancingDistrictbased on the redevelopment of the Property. <br />2.General Terms: <br />General TIF parameters: <br />A minimum period of approximately10to 15years with the <br />final duration of the TIF Districtand Net Present Value of the <br />TIF Note as maybe determined in afuture Development <br />Agreement, TIF Agreement,and/orTIF Noteor other <br />documents as may be required for the establishment of the <br />TIF District. <br />An approximate and estimated maximum of $2,500,000.00in <br />Net Present Value. <br />Reimbursementismade from tax increment revenues as <br />received,as taxes are paidannuallyPay-as-you-go.) <br />General Building ExpectationsFor The Property(the Minimum <br />Improvements). <br />Approximately 90to110units ofmarket-rate apartments. <br />Building height limitsper Code. <br />Underground parking ratio of approximately0.9:1 to 1:1. <br />Overall parking ratio of approximately 1.5 to1.7. <br />Architectural requirements based on the City of Centerville <br />Downtown Master Plan. <br />Expected initial valuation of theProperty of no less than <br />$17,000,000.00. <br />Development Property, amenitiesinclude: <br />o Project will have high-qualityinterior and exterior <br />materials. <br />o Varied facade treatment and mix ofmaterials and <br />colors. <br />o Projections and recesses will be designedthroughout <br />the building and at theprominent corners. <br />o Decorative exterior lighting and fixtures. <br />tğŭĻ ΋ Ћ <br /> <br />ĻƩƭźƚƓ ЊЋΉЉБΉЋЉЋЌΏЋ <br /> <br />