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• From the July meeting, it was understood that the first qualifying local contribution <br /> for the Neos TIF District would occur in 1997 and would be approximately <br /> $1,400.00. Due to the backorder of concrete panels, Mr. Mowry has advised the <br /> writer of this memo that his expansion project may not occur until the spring of <br /> 1996. If this is the case, the EDA's first obligation for a local contribution will <br /> occur in 1998. Regardless of the delay, it is advisable that Mr. Mowry and the <br /> EDA certify TIF District No. 12 and have all documents in place so that this <br /> district meets the intent of current legislation rather than running the risk of <br /> certifying a district under a new set of rules in early 1996. <br /> Action Requested <br /> Since the local contribution to the Neos TIF Project will not affect public funds <br /> until 1997 or 1998 no action is requested at this time. However, it is advisable to <br /> reach some closure on the proceeds of the District 728 sale, and, to determine <br /> whether or not these proceeds are a good fit for the local contribution. <br /> 10. 1996 EDA Budget and Levy <br /> This item is outlines in greater detail in a separate memo that was previously <br /> included in the FDA's July agenda packet. However, the following changes are <br /> • noted. The "Personal Services" portion of the 1996 budget was overstated by <br /> $2,500, thereby reducing this line item to $42,850. The extra $2,500 is moved <br /> down to 'Development Activities", which increases this item to$6,550 for 1996. <br /> iosaedalagemem8-8.d,x <br />