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would have to pay back the total amount to TIF #1. The $250,000 missed incentive could be applied towards city <br />improvements (road reconstruction) or to the debt related to Loan #2 if the city is not taken out per schedule. In <br />short, if the city does not accept the proposal and the $2M prepayment incentive is not met by July 16, 2013 the <br />city will have received $750,000 ($500,000 prepayment from November 2012 and payback to TIF #1 for <br />$250,000). If the 1M is accepted, net result would be F &C paying to the City atotal of $875,000 (1M - $125,000 <br />incentive). Overall net result: $125,000 to city ($875,000 - $750,000). <br />Recommendation: <br />Staff recommends to not accept proposal. <br />Funding Source: <br />Loan #1 in the amount of $1,420,000 was funded from the city's existing tax increment funds in Tax Increment <br />Financing (TIF) District #1. <br />Loan #2 was a TIF bond issued in the amount of $6,916,000 <br />Action: <br />Motion to approve /deny proposed request by Flaherty and Collins for loan agreement restructuring for The <br />Residence at the COR. <br />F &C Proposal <br />F &C Loans Status <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 06/20/2013 04:25 PM <br />Form Started By: Diana Lund Started On: 06/13/2013 09:51 AM <br />Final Approval Date: 06/20/2013 <br />