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<br />Preview <br /> <br />Page 2 of2 <br /> <br />payoff of the 25-year note after year 5. Were the buyer to exercise this option in year 5, <br />the gross value of the payments made to the City would be $8,678,221 ($7,500,00 in <br />principal and $1,178,221 in interest). <br /> <br />A timeline for the proposed project has been developed. If we are able to successfully <br />negotiate a purchase agreement and The Commission approves it at its September <br />meeting, building construction is scheduled to be substantially completed by the end of <br />2013 and the buyers anticipate receiving their Certificate of Occupancy by February of <br />2014. <br /> <br />http://sibagenda.sibfl.net/agenda/Preview.aspx?ItemID=549&MeetingID=O&MeetingDate... 7/15/2011 <br />