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Human Resources and Economic Development Committee <br /> May 11, 1992 <br /> N" Page 2 <br /> Ann Kolata reviewed the Bill. It was noted that the original lease was entered into in 1985 <br /> for a nineteen year period. Rental payments from TIN'would be used with a twelve year <br /> lease being entered into with maximum payments being two hundred twenty thousand <br /> dollars ($220,000.00). The probable interest rate will be 7% with May 27 being the date <br /> of the State Tax Board meeting. Following that meeting the bond sell would take place <br /> with the average payment being estimated as one hundred thirty thousand dollars <br /> ($130,000.00) per year. <br /> It was also noted that the entertainment district has just kicked off a seven million dollar <br /> private fund drive. Council Member Slavinskas questioned where the rental income would <br /> go. He suggested that it be divided between operating costs and retirement. It was also <br /> noted that there is potential for four (4) new lessees in the structure. Council Member <br /> Luecke questioned whether the City is close to the TIF limit and was advised that there is <br /> some amount left. <br /> Following further discussion Council Member Slavinskas made a motion seconded by <br /> Council Member Duda that Bill No. 31-92 be recommended favorably to Council. The <br /> motion passed. There being no further business to come before the Committee the meeting <br /> was adjourned at 5:40 p.m. <br /> Respectfully submitted, <br /> Council Member Roland Kelly, Chairperson <br /> rerson P <br /> Human Resources and Economic Development Committee <br /> att. <br /> II` <br /> s <br />