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03 -20-00 22:34 From-KENNEDY i GRAVEN <br /> #S123379310 T -599 P.03/03 F -295 <br /> Proposal <br /> The parties agree that adjustmeuts should be made to ensure that all Available Tax Increment <br /> attributable to truces paid in 1997, 1998 and 1999 shoul <br /> Tax Increment first <br /> should pay the Series <br /> 1995A TO the <br /> Nate held by the Rehbeins. All remaining Available <br /> Series 19958 Note held by NFP. with a additional asststaace for one year. <br /> Following from those principals, the City proposes as follows. <br /> 1. 1997 Tuxes. Anoka County has determined not to adjust 1997 taxes w reflect the <br /> additional $200,000 in market value. However, in order to implement the Assessment <br /> Agreement, NSP will pay to the City the amount representing the additional tax increment the honored fr pay <br /> collected City would have amounts is estimatedto be about $12,000; irnw 11gb e1 had been <br /> assuming the propt.ny lass <br /> and ta7■ rates applicable for taxes payable m 1997.) <br /> 2. Prior Payments to 1VFP. NFP will repay to the City the amount of 524,165 09, <br /> representing the two prior payments it received from the City. This amount represents Available <br /> Tax Increment Out will be reallocated to pay the Series 1995A Note. <br /> 3. Pay -of of Serves 19914 Teole. The Ctty will pay to the Rehbems the total <br /> outstanding principal and accrued interest on the Serves 1995A Not <br /> be e madre a cr u uing tun fro <br /> October 26, 1995. the original date of the Note That payment <br /> descnhed above. <br /> 4. Payment of Series 1995B Note. The City will pay to NFP the balance of the <br /> amounts described above after the payoff on the Serves 1995A Note, plus the A v r wn le the <br /> Increment Iron the second -half taxes paid m 1999. (This amount !'1 w continue portion <br /> to pay all <br /> payments NSF makes under paragraphs 1 and 2.) The City <br /> Available Tax Increment through the duration of the TIP District. <br /> 5. Ash:Imm al Assistance io NT? . if NFP builds an addition to its facility in the TIP <br /> Disuict by January 2, 2003 (for taxes payable in 2004), the City will grant an abatement of <br /> Ciry s share of tuxes on the entire facility one additional year (i.e., taxes payable in 2006). This <br /> amount will likely to be sufficient to compensate NSP for any balance left on the Note at <br /> maturity, and will also help reimburse other costs in connection with the addition. <br /> will <br /> If the proposal is acceptable to btu then soon as possible. ? F. I f wid d that y o u s, t <br /> recommend approval by the City <br /> parties will arrange a pay-off date, Ehlers will calculate the actual payment amounts, and I will <br /> prepare decaments necessary to finalize the transaction. <br /> cc: Std Inman <br /> Shelly Eldridge <br /> Carolyn Drude <br /> va.n•wa.l <br /> 1 <br /> C1: 155 -T <br />