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4j4) r/, -�G tjl M E M O R A N D U M DATE: August 16, 1989 TO: Steve Sarkozy n t,{. 11 FROM: Craig A. Waldron �/� ! I SUBJECT. Modified Bradford Proposal July 17th, Bradford At the previous City Council Work Session, wi Schools preth respect to tax sented a request for $330, financing. The staff had determinedtthat ange of ghee g increment were in economic benefits of the project uently the proposal warrantee substantial and that subsequently additional Council analysis (the difficulty with the proposal adds policies are silent orl the related to the fact that the existing P d the p revious memo from I have attache school "development�� ). Work Session that discus the last ses the Bradford Council submittal and the related economic benefits. to directed staff The City Council, at the July meeting, ro osal if negotiate with Bradford and to bring back a modified p P one could indeed be worked out. Based on the Council direction, staff proceeded to complete the following: 1, was told that. it would have to accept a lower rate Bradford of return. 2. Brad ford was instructed to run a modified proposal at a more realistic interest rate. ro osal which does present a Bradford has submitted a modified proposal addition, the financing lower rate of return 7•47 vs. to 1 This, percentage points from .�2-.� to �,,��.• rate was reduced 2 p uest from 330 0 in effect, modifies oBradforwith $60, 000 in annual increment, the on a pay as y g ears. City's obligations would be completed in 3 y f's opinion that this modified proposal represents It is the stafpro ect and should be considered for a reasonable, worthwhile p the Council should accept this �� °menterti°ntotha staff If requesting authorization staff would be development agreement at the next City Council meeting.