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21 <br />Status of Residence at the COR Apartments <br />• 87 of the 230 units are leased <br />— 38% leased <br />• Rental rates are above projections <br />— Average per unit rent is $1.32 <br />• Estimate at time of approval was approximately $1.21 <br />• F & C will begin discussions with lender regarding <br />permanent financing later in 2014 <br />— However, loss of some sq /ft in units <br />• Revenue projections when fully leased are expected to be similar to initial <br />projections <br />EHLERS <br />22 <br />Future Discussions /Options <br />• Goal #4 - Fiscal Disparities Election <br />— Currently paid outside the district <br />• Creates more TIF for City to repay itself <br />• When district is developed there IS a tax impact to other property owners <br />— Can change to inside the district <br />• Creates less TIF for City to repay itself <br />• When district is developed there is NO tax impact to other property owners <br />— Recommend waiting to change election until more is known <br />about future development <br />• Amend Special Legislation <br />— Exempt Ramsey Office Plaza and NAU Country Office Building <br />from 4 year rule <br />EHLERS <br />1/16/2014 <br />11 <br />