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Ehlers & Associates, Inc. <br />LEADERS IN PUBLIC FINANCE <br />May 27, 1998 <br />Joel Hanson <br />City Administrator <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />Dear Joel: <br />Over the past twelve months, I have put considerable time into the Rice Street - Little Canada Road <br />Redevelopment Project. I have found my participation in the various meetings and planning activities to <br />be invaluable in my efforts to create a viable finance plan. Since all of this work has been treated as bond <br />issue preparation, we have not requested any compensation for our efforts. As the total time investment <br />grows and the actual prospects for a project remains unclear, I find it necessary to establish an hourly <br />billing arrangement for the project. <br />I propose a financial planning budget of $7,680. We will draw on this budget at a regular hourly billing <br />rate of $120 /hour for performing the following tasks: <br />• Negotiating development agreement with Cinemark. <br />• Negotiating development agreement with "development group ". <br />• Creating plans for relocating existing businesses. <br />• Amending existing TIF plans to facilitate redevelopment project. <br />• Meeting with staff, City Council, business owners, and developers. <br />Work directly related to the issuance of bonds will not be eligible for compensation under this budget. The <br />initial work to be billed will be the May 19th meetings with business owners from the project area. <br />I hope that you find this to be a fair and equitable arrangement. All of this expense can be reimbursed to <br />the City from the proceeds of bonds issued to finance the project. Please call me with your questions and <br />comments. <br />-- Sincerely, <br />EHL ^FRS & ASSOCIATES, INC. <br />R ilty Fifieldv\ <br />Finahsial.8slAsor <br />c:\PROJECTSLCANADMDEVELONBIL LET WPD <br />3060 Centre Pointe Drive • Roseville, Minnesota 55113 -1105 <br />(612) 697 -8500 • FAX (612) 697 -8555 • www.ehlers- inc.com <br />Affirmative Action /Equal Opportunity Employer <br />Charter Member of the National Association of Independent Public Finance Advisors <br />Page 15 <br />