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Administrative Expenses <br /> The City may capture up to 10% of the annual increment to cover administrative expenses <br /> incurred by the City associated with the tax increment financing district. Assuming $80,000 per <br /> year in increment, a maximum of$8,000 would be available annually for administrative <br /> expenses. <br /> Costs Incurred by City <br /> It is the City's policy to require applicants to escrow funds to cover all costs incurred by the City <br /> with processing a tax increment financing request. A deposit of$20,000 will be made to the City <br /> of Pequot Lakes following conceptual approval. If this deposit is inadequate additional funds will <br /> be escrowed. <br /> Proposed Project Timeline <br /> 1. July 16 2009—Deliver Oppidan proposal to the City for the EDC packets. <br /> 2. July 21 2009—Review and recommendation by Pequot Lakes EDC to the City Council. <br /> regarding establishing a redevelopment TIF district for the proposed Oppidan project. <br /> 3. August 4 2009—Request Pequot Lakes City Council to consider the following: <br /> a. Review and conceptually support establishing a TIF redevelopment district for <br /> the proposed Oppidan project. <br /> b. Call public hearing for September 1 2009. <br /> c. Engage financial and bond consultants. <br /> d. Request BLADC's continued assistance with the project. <br /> 4. On or Before August 5 2009— City secures deposit from the Company. <br /> 5. August 5 through August 27 2009— Financial, bond, and other consultants prepare <br /> redevelopment findings, necessary documents, and project analysis. <br /> L.- 6. August 11 or 25 2009—Request Crow Wing County Commissioners to waive their 30 <br /> day comment period. <br /> 7. August 17 2009—Request the Pequot Lakes School District to waive their 30 day <br /> comment period. <br /> 8. August 20 2009—Pequot Lakes Planning Commission reviews the TIF Plan. <br /> 9. September 1 2009—Pequot Lakes City Council: <br /> a. Holds public hearing. <br /> b. Considers adopting resolution creating TIF district and approving TIF Plan. <br /> c. Considers adopting resolution entering into Contract for Private Development. <br /> 10.Winter 2009 Commence Construction <br /> 11. Spring 2010 Open for Business <br /> Closing Comments <br /> The Brainerd Lakes Area Development Corporation and Oppidan look forward to working with <br /> you on this project. Please feel free to call us if you need any additional information or have <br /> questions. <br /> Sin'erely, <br /> Elissa Rogers <br /> Economic Development Specialist <br /> cc: Oppidan <br /> Briggs & Morgan <br /> Financial Consultants <br />