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FROM BRIGGS & MORGAN <br />BRIGGS AND MORGAN <br />(WED) 07. 08' 98 15:24/ST. 15:23/NO. 3561732864 P 2 <br />7200 FIRST NATIONAL BANK BUILDING <br />332 MINNESOTA STREET <br />SAINT PAUL. MINNESOTA 55101 <br />TELEPHONE (6I21 2234600 <br />PACsrMrLE (6121 2236950 <br />PROFESSIONAL ASSOCIATION <br />July 8, 1998 <br />VlA. AXAND U. . <br />Joel Hanson <br />City Administrator <br />Little Canada City Hall <br />515 Little Canada ltd. <br />St. Paul, MN 55117 <br />WRITER'S DIRECT DIAL <br />(612) 223 -6564 <br />WRITER'S E -MAIL <br />bratho @briggs.com <br />Subject: Cineplex - Rice Street/Little Canada Road Development; Our File <br />No, 6095.90 <br />Dear Mr. Hanson: <br />The purpose of this letter is to summarize for you and the City Council my reasons <br />for recommending that the City reject, in total, Cinemark USA, Inc.'s proposed form of <br />Ground Lease; prepare anew form of Ground Lease; and use the new form of Ground Lease <br />as the basis for subsequent negotiations with Cinemark USA, Inc. <br />The City has three unique, statutory powers it may utilize to facilitate the, <br />redevelopment of the Little Canada Road/Rice Street area: <br />9563281 <br />1. The ability to use the power of eminent domain to acquire the property from <br />existing owners and assemble a development parcel; <br />2. The ability to obtain funds to finance both the acquisition of the property and <br />initial site improvements for the property at favorable interest rates through the <br />use of the City's bonding authority; and <br />The ability to generate funds to offset land acquisition and site improvement <br />costs through the use of tax increment financing. <br />MINNEAPOLIS OFFICE• IDScENTER^ WWW.BRLOOS.COM <br />MEMBER — LEX MUNDI,A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIRMS <br />Page 1 <br />