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.� ; <br /> Memorandutn#03-36 <br /> May 9,2003 <br /> Page-2- <br /> POTENTIAL OBJECTION: <br /> City staff is not aware of any opposition to the attached agreement. <br /> INPUT FROM OTHER SOURCES: <br /> Attached are several e�ibits to the agreement; A) is a legal description of the Phase 1 project <br /> area.;B) is the promissory note.;and C) is the Phase 1 infrastructure budget. Exhibit C identifies <br /> the vazious funding sources and uses for Phase 1, including the $1,311,764 HOPE VI loan from <br /> Phase 2. <br /> Representatives from both EastLake and DHA will be present at the May 12 meeting. <br /> STAFF REFERENCE: <br /> If Council members have questions they may contact A.J. Krieger, 424-2727, <br /> aikrieger(a7decaturnet.org . <br /> BUDGET/TIME IMPLICATIONS: <br /> The City anticipates financing both its initial Phase 1 contribution as well as repayment of the <br /> HOPE VI 1oan from H[JD Sectian 108 loan funds. City staff recommends servicing all Wabash <br /> Crossing infrastructure debt through the use of ta.X increment fmancing. City staff is currently <br /> preparing potential incremental revenue projections for the Waba.sh Crossing project and will <br /> present those to Council when ready. <br />