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Regular City Council Meeting Monday, June 11, 2007 Page 13 Mr. Miller advised that the City had issued TIF bonds as upfront fi- nancing in 1982 for a combination of many Presbyterian Homes' pro- jects, one of which had been original construction of the Eagle Crest facility. However, Mr. Miller noted that since then, the TIF bonds had been paid off, and there were currently no TIF bonds in play. Ms. Bolton concurred and clarified that the request was for refinanc- ing of revenue bonds only. Councilmember Ihlan questioned the ownership change. Janna Severance, Presbyterian Homes representative Ms. Severance advised that there was actually no underlying owner- ship change, and that the entity on the original bonds was still the building owner. Ms. Severance advised that after 1998, another prop- erty had come under the umbrella of that ownership, and given com- plexities of refinancing, it became apparent that it would be easier to create a new corporation as the sole owner, through an LLC. Public Comment Tim Callaghan, 3062 Shorewood Lane Mr. Callaghan sought clarification from the time the TIF bonds were originally issued for Eagle Crest, and agreement with the corporation that this property would remain on tax rolls past the time the bonds were paid off, and questioned if that agreement was still in place. Mr. Miller advised that he had attempted to answer that question when it had been previously posed; and reviewed his chronological research of the City Council-passed resolution in 1993, and whether such a re- strictive covenant should be included in the renegotiated redevelop- ment agreement. Mr. Miller advised that he could find no language in the original agreement; and found nothing aside from that original resolution. Mr. Miller advised that the property was currently paying $256,000 in annual property taxes. Discussion ensued between staff, Mr. Callaghan, and Ms. Bolton re- garding such a restrictive covenant and whether it was recorded at the County level.