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r <br />{ <br />FOGK FAGG � ;�� <br />TO: James E. Chandler, County Administrator (/ <br />FROM: James W. Davis, P.E., Public Works Director �A./ <br />SUBJECT: Indian River Mall - Simon Properties Group Financing Plan <br />DATE: January 5, 2000 <br />The developers of the Indian River Mall, Simon Properties Group, is requesting <br />a payment plan for paying the remaining $290,491.50 due the County for offsite <br />road work. The developer is requesting a two-year payment plan of $145,245.95 <br />plus interest due January 10, 2001, and the final payment of $145,245.95 plus <br />interest due January 10, 2002. Negotiations on this repayment have been on <br />going since March 1999. The current county interest charge is 8'/,%. The <br />developer has paid $335,518.11 to date on County/Developer shared improvements <br />to 26"' Street and 100% of the cost of the sole developer improvements. <br />ALTERNATIVES AND ANALYSIS <br />The developer is claiming complications since Simon Properties merged with <br />Debartolo Properties. Staff has no objection with a 2 -year payment plan, <br />since the usual interest payment will apply. <br />ALTERNATIVE NO, 1 <br />Approve the request. <br />ALTERNATIVE NO. 2 <br />Deny the request and require a 2 -year payment plan. <br />RECOMMSNDATION3 AND FUNDINGi <br />Staff recommends Alternative No. 1. <br />MOTION WAS MADE by Commissioner Macht, <br />SECONDED by Commissioner Tippin, that the <br />Board approve the 2 -year payment plan as <br />recommended by staff. <br />Under discussion, Commissioner Grin inquired whether this work was bonded, and <br />Public Works Director Jim Davis advised there was an agreement but no bond. <br />JANUARY 18, 2000 <br />• a <br />