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• <br /> 7. The tax increment will be paid through a revenue note created by the development <br /> agreement. <br /> 8. The Developer will be paid interest at a rate of 8.75% on the outstanding principal. If tax <br /> increment is not available to pay interest due in any period, the unpaid interest shall <br /> accrue as additional principal on the revenue note. <br /> 9. It is expected that the first tax increment will be received in 2003. The final tax <br /> increment will be paid in 20 . <br /> 10. The City will agree to serve as the conduit issuer for tax-exempt bonds issued to finance <br /> the project. The bonds will be secured solely by project revenues and will not be an <br /> obligation of the City. <br /> a. Does City want to set cap on amount of bonds? /� <br /> 11. What other development issues for housing and for office need to be outlined? <br /> • <br />