Agenda - Council - 05/23/1995 - Laserfiche WebLink

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City of Ramsey 15153 N~VCTHEN BOULEVARD N.W., RAMSEY, MINNESOTA 55303 - !, PHONE (612) 427-1410 FAX (612) 427-5543 'lTD (612) 427-8591 ! ! January 27, 1995 Windemere Woods of Rargsey Attention: Allen Koenig 14290 Sunfish Lake Boul{~vard N.W. Ramsey, Minnesota 5530~ RE: $106,756 Tax Increment Revenue Note, Series 1993C Dear Allen: The attached schedule detifils the amount due to Windemere Woods of Ramsey for the February I, 1995 payment in accordance with the $106,756 Tax Increment Revenue Note, Series 1993C, entered into by Winderg, ere Woods of Rainsey and the City of Ramsey. This amount represents Windemere Woods of Ramsey s share of the 97% of "available" increments. Interest was calculated onithe full $546,098.00 [from all 3 related developments] from December 1, 1993 to February 1, 1995, andiamounted to $50,969.15. The notes specifically state that all payments are applied to interest first at~d 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 paymerit amount of $8,266.06 is being held in escrow at this dine. Section 2.3 of the note specifically states that payment will nd~t be made if, as of the payment date, "the Owner has breached and failed to cure any term or condition of ti:, e Agreement [Development Agreement - Windemere Woods], including, but not limited to the obligation:; set forth in Articles VI and VII thereof." Article II, Paragraph 14 of the Development Agreement lbr Windemere Woods has not been met. This section states that "hard surfaced driveways" are required for each lot in the plat, including the existing homestead, which as of the date of this letter had no driveway' which is in direct violation of City Code and the Development Agreement. r The first year of collectior.s was originally projected to be 1993 with a levy of approximately $97,153.00. Actual collections began ~n 1994 with a levy of $47,705.00, somewhat lower than original projections. I am currently waiting on a!response from Count), 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 regakd_ing this payment of the calculation of such, please contact me directly at 427- 1410. I I =1 I I I I I I I Sincerely, I CITY OF RAMSEY Jessie L. Hart Finance Officer Enclosure I cc: Ryan Sclu'oeder, C Bill Goodrich, Cit ity Administrator Attorney