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q City Pett ? AGENDA ITEM #10.3. <br /> Lakes — <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: August 5, 2008 <br /> Subject: Pay Off General Obligation Improvement Bonds, <br /> Series 2004A — (2nd phase of Business Park) <br /> Report: This bond payment is callable on February 1, <br /> 2009. Staff is requesting Council to consider paying this <br /> bond off at that time. <br /> The payoff would be about $260,000 plus associated costs <br /> for Ehlers to do the work. There is approximately $310,000 <br /> currently available to pay off this bond. The City would <br /> realize savings in interest at about $34,175 if the bond is <br /> paid in February of 2009. Another benefit of paying off the <br /> bonds is that two TIF districts would be decertified one <br /> year earlier than planned. (TIF District 1-8 — Water Wars <br /> and TIF District 1-10 — Veterinary Clinic). These districts <br /> would be put back on the tax roll. <br /> Once the bond is paid off, the City will continue to receive <br /> revenue in the Business Park Fund from Lonesome Cottage <br /> ($100,000) and from assessments ($71,000). <br />