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EDA Worksession Agenda Memo <br /> November 9, 1998 <br /> Page 5 <br /> Any year in which there is an excess we would have the ability to use such <br /> excess to possibly retire bonds or pay other obligations so that the term of the <br /> TIF district can be potentially shorted. <br /> Conclusion <br /> In conclusion, there are numerous other issues related to this project such as: <br /> • LGA/HACA penalty versus local contribution <br /> • Methods of recourse for non-performance by developer <br /> • Interest rate on pay-as-you-go notes <br /> • Use of TIF to pay city costs of project <br /> • Condemnation issues. <br /> At this time staff would encourage discussion primarily on the concept as <br /> outlined in this memo and the FDA's reaction to the dollar amounts being <br /> discussed. It is staffs hope that at the conclusion of this worksession we can <br /> begin to formulate the development agreement with the new partnership on <br /> the industrial piece and Associated Developers on the commercial piece. At <br /> the time these agreements are brought back before the EDA, possibly on <br /> December 14, 1998, the specific details associated with the above-mentioned <br /> • items can be more appropriately discussed. <br />