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APR. 30. 2004 9: 39AM METRO, PLAINS NO. 167 P. 2 <br /> MEMORANDUM <br /> TO: MetroPlains <br /> FROM: City Staff <br /> Ehlers&Associates, Inc. <br /> Briggs and Morgan, P.A. <br /> DATE: April 28, 2004 <br /> RE: Proposed MetroPlains Project <br /> Two memorandums dated April 7, 2004 and April 22,2004,to MetroPlains were <br /> prepared by the City and it's representatives. These memorandums were based on financial data <br /> provided to Ehlers &Associates by MetroPlains. Two memorandums dated April 16, 2004 and <br /> April 28,2004 were prepared by Larry Olson of MetroPlains. <br /> This updated memorandum incorporates the comments and requests of MetroPlains that <br /> are acceptable to City Staff, Ehlers &Associates and Briggs and Morgan and is based on <br /> financial data submitted by MetroPlains. <br /> • Prior to the preparation of a Development Agreement in connection with the proposed <br /> Bluff Block project and Jackson Block project we thought it would be helpful to set forth in a <br /> memorandum certain key points to be included in the Development Agreements <br /> These points are as follows: <br /> 1. Linkage between the Jackson project and the Bluff project. <br /> Concerning the linkage of the Jackson and Bluff projects and all of the provisions relating <br /> to linkage, it is becoming increasingly apparent that the City's requirements will not pernut <br /> construction of the Jackson Block to start before the Bluff Block. Therefore, MetroPlains is <br /> willing to commit that Bluff Block construction will commence prior to or simultaneously with <br /> construction of the Jackson Block. <br /> 2. Amount of tax increment financing assistance. <br /> The Development Agreement will identify the amount of tax increment financing <br /> assistance for both the Bluff and Jackson projects. Relative to the discussion about the tax <br /> increment notes and the formation of the tax increment district(s), MetroPlains and the City <br /> agree to consider structuring the districts within the limitations of the tax increment financing <br /> law,to achieve maximum flexibility(i)in the permissible use of the tax increments between the <br /> two projects; and(ii)the pledge of tax increment to the payment of the notes. <br /> r <br /> 1643076v1 <br />