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The outstanding principal of Note #2 is $6,450,447.24 with interest accrued through April 23, <br />2014 of $758,391.63. If no payment is made prior to the June 1, 2015 take out date, the amount of <br />accrued interest owing as of this date will be $1,367,842.26. The City will create a TIF note with <br />F &C up to an amount of $3M only after the city has been paid the outstanding principal and <br />accrued interest on Note #2. The current principal balance outstanding on Note #1 is $1.3M. <br />The number of units that have been rented as of April 14, 2014 is 128 units out of the 230 available. <br />