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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. <br />July 16 2009 — Deliver Oppidan proposal to the City for the EDC packets. <br />2. <br />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. <br />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. <br />On or Before August 5 2009 — City secures deposit from the Company. <br />5. <br />August 5 through August 27 2009 — Financial, bond, and other consultants prepare <br />redevelopment findings, necessary documents, and project analysis. <br />6. <br />August 11 or 25 2009 — Request Crow Wing County Commissioners to waive their 30 <br />day comment period. <br />7. <br />August 17 2009 — Request the Pequot Lakes School District to waive their 30 day <br />comment period. <br />8. <br />August 20 2009 — Pequot Lakes Planning Commission reviews the TIF Plan. <br />9. <br />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. <br />Winter 2009 Commence Construction <br />11. <br />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 />