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City of <br />Pequot <br />Lakes <br />AGEN i -? ITEM #11.1 <br />REPORT TO <br />CITY COUNCIL <br />Date: March 5, 2013 <br />Subiect: Lonesome Real Estate — Request to Restructure <br />$100,000 Note <br />Report: Attached is a request from Brandon Anderson to <br />restructure the note that he owes to the City of Pequot <br />Lakes for the purchase of 4 lots in the business park. <br />In August 2007, Lonesome Cottage entered into a TIF <br />Development Agreement with the City of Pequot Lakes. <br />The Developer (Lonesome Real Estate LLC) purchased <br />four lots from the City, 6.95 acres. The City issued a tax <br />increment note (TIF) to the Developer in an amount of <br />$146,000 for the purpose of reimbursing the Developer for <br />the costs of the acquisition of the development property. <br />At the same time, the City issued a note in the amount of <br />$100,000 to the Developer to allow payments to be made <br />for the property. The terms of the $100,000 note required <br />the Developer to make one payment per year, by January <br />2nd, for five consecutive years. The loan required payments <br />