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<br />Ark, JO, 1004 ~: J~AM <br /> <br />MtlKU. !LAiI1~ <br /> <br />11U, I b I <br /> <br />r, L <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />MetroPlains <br /> <br />FROM: <br /> <br />City Staff <br />Ehlers & Associates, Inc. <br />Briggs and Morgan, PA <br /> <br />DATE: <br /> <br />April 28, 2004 <br /> <br />RE: <br /> <br />Proposed MetroPlains Project <br /> <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 /> <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 /> <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 Agreement. <br /> <br />These points are as follows: <br />1. Linkage between the Jackson proiect and the Bluffproiect. <br /> <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 pennit <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 /> <br />2. Amount ona:>( increment financing assistance. <br /> <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 /> <br />1643076vl <br />