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Revitalization Commission <br />Minutes <br />October 13, 2014 <br />Page 3 of 7 <br />amount of $4.5 million for improvements within the core area of the Highway 42 <br />Urban Renewal Area. <br />Bond Resolution gives authority to sign documents. The Resolution is the key <br />document. <br />City Attorney Sam Light introduced Sally Tasker of Butler Snow. <br />The Bond Purchase Agreement outlines funding provisions between the LRC <br />and DFP, LLC. The LRC agrees to issue bond and DFP, LLC agrees to buy the <br />bonds. The initial issuance will be $750,000. <br />Menaker asked about the terms relating to refinancing the bonds. The bonds <br />can be refinanced after the seven year period. <br />Paying Agent Agreement — US Bank is the Registrar and Paying Agent for the <br />Bonds. <br />Construction Fund Agreement — Outlines the payment sources into the Fund: <br />• TIF Bond Proceeds <br />• City Drainage Line <br />• Developer Funds <br />City Council approved a resolution on October 7, 2014 that said the City's <br />interests are adequately protected, compounding interest is allowed and the City <br />approves the Construction Fund Agreement. <br />Financial Proforma — estimates the TIF Revenue from several projects: <br />• DELO Project — 60 townhomes, 108 Apartments and 24,000 sf of <br />commercial space <br />• Tebo Project — 23,400 sf of commercial and retail space <br />• Boom Project — 24 apartments and 27,000 sf of commercial space <br />Action needed — Approve Bond Resolution <br />Discussion /Public Comments: <br />Resolution No. 14 -02 — should be Resolution No. 14 -03. DeJong will make that <br />change. <br />Rick Brew stated a correction, number of multi - family units will be131, instead of <br />108. Still needs to be approved. If approved will add more pledged revenue <br />Planning and Building Safety Director Troy Russ asked Brew if the number of <br />units is changing, please submit the change to City. <br />4 <br />