Agenda - Council - 09/27/2011 - Special

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Summary of September 2011 Revised Deal Flaherty and Collins - The Residence at The COR Units Studio 1- bedroom 2 - bedroom Townhome 'TOTAL Total Square footage Stories Internal and Surface Parking Structured Parking Land Sale Proceeds Parcel Development Fees Building Permit Fees Earnest Monies Liquidated Damages TIF Retail Area City Backstop City Note #1 Fee to City Sources for Note /Fees Development Fees City Note #1 City Note #2 City Note #2 Interest and Cost of Issuance Developers equity Principal reduction for additional equity puts Default interest if addl equity payment is not made Sub to final plans Townhome Garages and surface stalls 275 dedicated, 25 allocated in Ramp A, PUMA A Paid from existing TIF (incl SAC /WAC) (est. $1.5 -2.4m) Paid by Developer 0 THE residence AT THE COB Due after CTIB meeting - Applies to Land Sale Paid to F &C if City fails to deliver train start - capped at $750k Note sized when) increment can be calculated, issued at takeout of City Note #2 Fixed between $2m and $3m No City Backstop 10yr term, paid from cashflow - may be included in larger note fixed fee Existing TIF Balances (estimate prior to final plans) Existing TIF Balances GO TIF Revenue Bonds, will include capitalized Interest and cost of issuance Backing: 1 Project Revenues 2 $2m TIF Note 3 Project LLC 4 F &C Development 5 David Flaherty (Personal Guarantee) 6 TIF 14 Proceeds 7 Other TIF Districts 8 Other Funds Available 9 Tax Levy 36 month term - 6.27% capitalized interest - 8.27% default interest rate (equity calls) Varies with Cap Interest equation - 6% annual Payments due at 18mos. as available, capitalized for 36mos. at closing at 12months at 18 months TOTAL ' If equity payment is made at 12 months - principal reduction in City Note #2 2.0% addl interest over last 18 months of term. 22 122 79 7 230 219,240 4 32 275 d / 25 a $ 750,000 3 acres +/- $0 $ 250,000 Actual Costs Sep 27- Close 85% of increment /25 yrs 3000sf $ - $ 1,300,000 $ 120,000 $1.5m - $2.4m $ 1,420,000 $ 6,825,000 $ 6,825,000 $ 1,260,000 $1,000,000+ $ 2,000,000 $ 1,000,000 $ 4,000,000 $ 250,000 $ 240,000 Summary of September 2011 Revised Deal Flaherty and Collins - The Residence at The COR Units Studio 1- bedroom 2 - bedroom Townhome 'TOTAL Total Square footage Stories Internal and Surface Parking Structured Parking Land Sale Proceeds Parcel Development Fees Building Permit Fees Earnest Monies Liquidated Damages TIF Retail Area City Backstop City Note #1 Fee to City Sources for Note /Fees Development Fees City Note #1 City Note #2 City Note #2 Interest and Cost of Issuance Developers equity Principal reduction for additional equity puts Default interest if addl equity payment is not made Sub to final plans Townhome Garages and surface stalls 275 dedicated, 25 allocated in Ramp A, PUMA A Paid from existing TIF (incl SAC /WAC) (est. $1.5 -2.4m) Paid by Developer 0 THE residence AT THE COB Due after CTIB meeting - Applies to Land Sale Paid to F &C if City fails to deliver train start - capped at $750k Note sized when) increment can be calculated, issued at takeout of City Note #2 Fixed between $2m and $3m No City Backstop 10yr term, paid from cashflow - may be included in larger note fixed fee Existing TIF Balances (estimate prior to final plans) Existing TIF Balances GO TIF Revenue Bonds, will include capitalized Interest and cost of issuance Backing: 1 Project Revenues 2 $2m TIF Note 3 Project LLC 4 F &C Development 5 David Flaherty (Personal Guarantee) 6 TIF 14 Proceeds 7 Other TIF Districts 8 Other Funds Available 9 Tax Levy 36 month term - 6.27% capitalized interest - 8.27% default interest rate (equity calls) Varies with Cap Interest equation - 6% annual Payments due at 18mos. as available, capitalized for 36mos. at closing at 12months at 18 months TOTAL ' If equity payment is made at 12 months - principal reduction in City Note #2 2.0% addl interest over last 18 months of term.