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1. Specific language in the redrafted Note and Guarantee <br />that would ensure timely payments are made. <br />2. The Note should be paid in full prior to the TIF district <br />ending. <br />3. If payments are in default, language stating that the <br />TIF payment will not be made to the Developer thus <br />allowing the City to use the TIF funds to make the loan <br />payments. <br />4. If payments are delinquent, a late fee payment would <br />be charged. <br />5. There are costs associated with this restructuring, <br />including the drafting of a new Note, revising the <br />Guarantee and putting together a new amortization <br />schedule. The Developer is responsible for any costs <br />associated with this loan restructuring. <br />6. Review of the financial statement. <br />Council Action Requested: Council decision on whether <br />or not to restructure the Lonesome Cottage loan. If the <br />Council does restructure the loan, the conditions of the <br />restructuring should be noted in the motion. <br />