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this occur, it is appropriate for the level of assistance to be reduced <br />to an amount which is 15 percent of the new estimated final market <br />value. For example, ffthe new estimated final market value is $1.5 <br />million, 15 percent of that amount is equal to $225,000. St~Wis <br />proposing that the mechanics of this adjustment to the TIF subsidy <br />be laid out specifically within the Development Agreement such that <br />at the time the EDA verifies that the final market value has been <br />reduced to less than $2 million, the level of tax increment assistance <br />also be adjusted accordingly. Staff proposes that the same concept <br />would be appropriate of providing half the assistance up front and <br />half over time, whatever the amount of assistance. <br /> <br />Recommendation <br /> <br />St~ff recommends the Council approve Resolution 98-__ Modifying <br />Municipal Development District No. i and Adopting the Development <br />Program Therefor; and Establishing Within Municipal Development District <br />No. 1, Tax Increment Financing District No. 18 and Adopting the Related <br />Tax Increment Financing Plan Therefor. <br /> <br />Attachments <br /> <br />· Resolution 98- <br />· Tax Increment Financing Plan for Tax Increment Financing District No. <br /> 18 <br />· TIF Application <br />· Draft Development Agreement <br />· Public Hearing Notice <br /> <br /> <br />