From: James Reilly

Sent: Monday, January 27, 2014 12:50 PM

To: Mooney, Andrew

Cc: McKenna, Robert McConnell, Brad
Steve Koch; Darka Papushkewych

Subject: TiF/Navy Pier transfer

Andy,

As you know, the agreement between MPEA and the City when the initial idea of the City providing in money
for our entertainment District projects came up is that, by the City doing so, would allow the MPEA to transfer to
Navy Pier, inc. fer phase one of the Pier Centennial Plan reconstruction.

The problem that is arising Is that NPI will have spent the original that MPEA gave them for the project by the end
of Jun so MPEA will begin putting some of the remaining in at that time and the rest over time between this April
and April of 2015 when phase 1 of the Pier project will be completed. This is good news in terms of the Pier because it is
a sign that the project is going very well and is, if anything, a little ahead of schedule.

However, as the draft IGA stands, MPEA won?t get the ?rst until the end of this year. While we can manage the
cash flow, i would hate to have to tell DePaui that some of the that we have in the bank for the Event Center
project will temporarily be spent on the Pier. Hopefully they will never ask and, if they do and there is no way around it, i
will certainly reassure them that the City is going to reimburse us but i am wondering if there isn?t some creative way to
deal with this issue?

i have the NPI cash fiouibelow. So if we could get in July, another in December and the final in the
spring og?ig, gen the problem goes away?" ?Mm-Wme-w-x



 

ML ?0 .

Alternatively, if we could get smaller but more frequent chunks that paralleled the spending that could work also.

i have heard that the money is in the TlF?s in question already. Don?t know if that is fact but i am hoping that you could
relooit at the issue.

i realize that strictly according to the IGA, we are using out to buy land and the City is reimbursing us but in the
real world as it stands, MPEA is fronting $55 for land and another $55 or at least a good part of it for the Pier.

Remember that we start with in the bank with set aside for land or the Pier whichever way you want to
look at it leaving in the bank for our half of the cost of the event center. if we only front load for the land
purchase, that still leaves the in tact until we begin spending on the Event Center.

If we have to front for dent! and another for the Pier, in theory our $125 goes down to Admittedly i
am exaggerating in the sense that the Pier cash ?ow and you reimbursement of in December as per the current
we would never get quite that low but this illustrates my point.

in any event i would appreciate your taking a serious look at this. Be more than happy to meet to discuss.

Jim

The NP cash ?ow shows:

Spending 560 at end of June.

Spending $7.3 between July and September.

Spending $18 between October and December.

spending the last $29.7 between January 2015 and September 2015.