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August 9, 2000 <br />To: Mayor Rinker <br />Council President Marquardt <br />All Members of Council <br />Law Director Diemen <br />Clerk of Council Roman ` <br />From: Phil Brett <br />Reference: Legislation that I would like to bring forward for August 21~` meeting. <br />I have a number of pieces of Legislation that I would like to bring forward on <br />Monday, August 2I~'. I am providing you a copy of each piece of that legislation for <br />your review. If you have any question regarding any of these pieces of legislation, <br />please feel free to call me. <br />The legislation deal with three ongoing projects: <br />1. The rollover of what originally was $5,000,000 in notes for the purchase of the <br />golf course, the extension of North Commons Boulevard and the construction <br />of the wetlands project The proposed sale is $4,250, 000 or 85% of the original <br />issue We have thus far paid dawn I S% of the principal for these notes <br />.2 The special assessment project wherein Progressive is being assessed for its <br />portion of the construction costs of North Commons Boulevard per the <br />development agreement-total cost assessed to Progressive: $1,265, 801. S8. <br />They have elected to pay this assessment out over 20 years The annual <br />~` payment will be $IOI,571.19 per year for the Head 20 years This money will be <br />receipted to the ~Ilage's Genera! Bond Retirement Fund where it will be used <br />/ to pay dawn the State Infrastructrire Bank Loan Phase I Loan. <br />t <br />3. The Governor's Village T.I.F. Project This is a Tax Incremental Financing <br />plan involving the construction of Governor's Vllage <br />In your packets, I have provided the following documents and have numbered them for <br />reference purposes. <br />1. The rollover of notes: <br />a. pp. 1-7: Ordinance 2000-?? which is the ordinance authorizing the <br />sale of $4,250,000 in notes. This legislation needs to be passed as an <br />