Laserfiche WebLink
Proposed SAC and WAC Write-down per EDA Action at 4/9/09 meeting <br />Charge Estimated EDA Developer* <br />Type Entity Cost Contribution Contribution <br />SAC -Met Council $ 57,060 $ 28,530 $ 28,530 <br />WAC City of Ra <br />101,481 $ 72,951 $ 28,530 <br />* Developer provides 1/2 of SAC Charges upfront and it is reimbursed to Developer in 5-7 years if <br />a qualifying restaurant occupies the space for at least 6 months for the year. <br />EDA finances the remaining SAC and WAC Charges for 5-7 years at the EDA loan rate which is <br />somewhere between 3-5%. The Developer only makes loan payments if there is not an approved <br />restaurant occupying the space for more the 6 months for any calendar year. <br />12 <br />