Agenda - Council - 05/09/1995 - Laserfiche WebLink

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City of Ramsey 15153!NOWTHEN BOULEVARD N.W., RAMSEY, MINNESOTA 55303 PHONE (612) 427-1410 FAX (612) 427-5543 TTD (612) 427-8591 I I I '1 I I I ! I I I January 27, 1995 Windemere Woods of 1;tarnsey Attention: Alien Koenigi 14290 Sunfish Lake B~ulevard N.W. Ramsey, Minnesota 55B03 RE: $106,756 Tax Increment Revenue Note, Series 1993C Dear Allen: The attached schedule details the amount due to Windemere Woods of Ramsey for the February 1, 1995 payment in accordance[with the $106,756 Tax Increment Revenue Note, Series 1993C, entered into by Windemere Woods of l~amsey and the City of Ramsey. This amount represents Windemere Woods of Ramsey's share of the 99% of "available" increments. Interest was calculated On the full $546,098.00 [from all 3 related developments] from December 1, 1993 to February 1, 1995, ahd amounted to $50,969.15. The notes specifically state that ali payments are applied to interest firs~ and then to principal. Available increments totaled $42,284.09 within the 3 developments, therefore, the $8,685.06 shortage will be added to the February 1, 1996 payment and allocated accordingly. ; ' The payment amount of~$8,266.06 is being held in escrow at this tiine, Section 2.3 of the note specifically states that payment will hot be made if, as of the payment date, "the Owner has breached and failed to cure any term or condition ofithe Agreement [Development Agreement - Windemere Woods], including, but not limited to the obligafi~,ns set forth in Articles VI and VII thereof." Article II, Paragraph 14 of the Development Agreemerlt for Windemere Woods has not been met. This section states that "hard surfaced driveways are requn'ec~ for each lot m the plat, ~ncluding the ex~stang homestead, whmh as of the date of this letter had no drivewgy, which is in direct violation of City Code and the Development Agreement. The first year of collecribns was originally projected to be 1993 with a levy of approximately $97,153.00. Actual collections begart in 1994 with a levy of $47,705.00, somewhat lower than original projections. I am currently waiting oni a response from County regarding the payable levy for 1995 and will be able to project the February 1, 1996 payment based on that amount when received. ' If there are questions regarding this payment of the calculation of Such, please contact me directly at 427- 1410. Sincerely, CITY OF RAMSEY Jessie L. Hart Finance Officer Enclosure Ryan Schroeder, ,City Administrator Bill Goodrich, City Attorney r