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03-20 -00 22:33 From-KENNEDY Z GRAVEN +61233T9310 T -668 P.02/03 F -295 <br /> • <br /> 470 Pillsbury Centn <br /> k l' I 1 1 10111' 2W) !south Such Sifter <br /> Mhtne.µyolo MN 554u2 <br /> ! j1' (611) 337.93110 telephone <br /> l t l. l t l 1 (6121 337.9510 fa <br /> LRp. flwwwScnnedy-gra•en.orn <br /> JTEtlin J. BuistUL <br /> Aousr y at Law <br /> D ins: Dial (611) 337 -V228 <br /> Email 3,ytai tl�kF �QdY-flT dVS11_ <br /> MEMORANDUM <br /> TO: Jim March <br /> City Administrator <br /> FROM; Stephen Bubul <br /> DATE: Match 20, 2000 <br /> RE; Northern Forest Products Project <br /> City of Centerville <br /> On October 20, 1999, representatives of the City, Glenn and Myna Rehbcin and Northern Forest <br /> e <br /> Products. LLC met regarding Tax Increment Revenue Notes, aeries 19d (he ld by th e <br /> Rehbe s) and Series 19958 (held by NIP) At that meeting, <br /> concerns raised regarding the status of payments on both Notes. <br /> Since then, i understand that you have had titnher discussions with Paul McDowell of staff NTP <br /> revising the earlier proposal somewhat. This memo summarizes the proposal that <br /> prepared to recommend for Council approval. <br /> Background <br /> The tax increment available to pay both Notes has been l ss than t co ouni s hot nil on the <br /> payment schedules. Most of the decrease is attributable to <br /> property class rates In addition, market value of the property for taxes payable in 1997 was only <br /> $327,700, though the assessment agreement required a value of at least S527,700 by that date, <br /> the county did not apply decrease (n 1997 only) relates to a l:trger•than expec d base value inflation small poruon o f the <br /> actor . <br /> The City wrote a check in the amount of 521,225.30 to the Rehbeins, but the check was not <br /> delivered, $10,790.22 paid this <br /> 10,1999 and $13,374.87 paid August has 0 payments <br /> 1999. <br /> sna- 17:su7.1 1 <br /> CE 133.7 <br />