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5.1. HRSR 12-06-2004
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5.1. HRSR 12-06-2004
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HRSR
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12/6/2004
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NI I\. JV. LVV7 7 ."Vnivi u1.1 wv <br /> The note(s) for the Jackson project will be issued when the construction financing for the <br /> Bluff project closes and after the building permit for Bluff project is issued. <br /> The Development Agreement will contain a"look back" method for both the Bluff and 1 <br /> Jackson projects. With regard to the look back provision for the for-sale residential portion of <br /> the Bluff Project, MetroPlains understands that it will be allowed a specific amount of profit tied <br /> to a percentage of the total cost of acquiring and constructing the for-sale portion of the Bluff <br /> Project. If after the sale of all of the units MetroPlains' profit exceeds the allowed profit, the <br /> HRA's assistance for that portion of the project will be reduced. On the rental housing and <br /> commercial portion of the Jackson and Bluff projects MetroPlains will be allowed development <br /> fees and a return on equity based on a preliminary sources and uses statement. To the extent that <br /> final costs are less than those shown in the preliminary sources and uses statement increasing <br /> MetroPlains' return, the assistance for that portion of the project will be reduced. <br /> The amount of profit, return and fees that the amount of tax increment financing will be <br /> based on and the "look back" method will be based on is as follows: <br /> Bluff Block <br /> For-sale housing-10% of costs <br /> Commercial-5% development fee, market rate leasing commissions and a 12% cash on <br /> cash rate of return <br /> Jackson Block <br /> Rental Housing-12% developer fee based on costs approved by MHFA <br /> Commercial-5% development fee, market rate leasing commissions and a 12% cash on <br /> cash rate of return <br /> The Development Agreement will provide that any reduction of the assistance for one of <br /> the phases of the project will be offset by verifiable increased costs on other phases, <br /> 3. SAC/WAC/Park Dedication/Building Permit Fees. <br /> The City is willing to reduce or waive in their entirety the SAC and WAC fees, if <br /> necessary, to make the projects feasible. MetroPlains acknowledges that the City's utility <br /> commission must approve these reductions or waivers. The City will not reduce park dedication <br /> fees; building permit fees or other applicable City application and development fees that are <br /> payable in connection with the projects. MetroPlains is not in a position to bear the tax <br /> increment inflation risk. MetroPlains agrees that the City can recapture these amounts from tax <br /> increments derived from inflation. The City will recommend to the Park and Recreation Board <br /> that the park dedication fees are used for park, boardwalk, gazebo relocation and other <br /> improvements related to the downtown redevelopment. <br /> 2 <br /> I643076v1 <br />
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