07-25-1979 Council Agenda - Laserfiche WebLink

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FREEWAY LAND COMPANY 223 LITTLE CANADA ROAD AT HIGHWAY 35•E ST. PAUL. MINNESOTA 55117 TELE /NioNe (512) 483.4521 June 26, 1979 City of Little Canada Little Canada, Minnesota 55117 RE: City of Little Canada - $750,000 Freeway Land Co. 112 Office Tower Project Gentlemen: As you know, we are embarking on a development Project, the details of which are indicated in the summary description attached to this letter. It appears desirable for us to ask your assistance in financing of the project through sale of a revenue note of the City. This procedure, which we understand to be at no cost nor risk to the City, would allow us to obtain financing at more favorable rates, and will allow the passing of such savings on to users of the Project. A resolution cal- ling for public hearing has been prepared by Briggs and Morgan, Profes- sional Association, bond counsel, whom we request serve as bond counsel in this transaction. Although we would be responsible for paying bond counsel costs, we acknowledge that Briggs and Morgan as bond counsel would be retained, as is customary, to represent the City's interests in this specialized type of transaction. We hereby confirm our representation that we have no present bind- ing financing commitment, no general contract, nor any legal obligation to finish the proposed project, and it is not certain the Project would be completed without the assistance requested herein. We respectfully request approval of the draft resolution. Upon such approval, you have our commitment as to the following preliminary details: 1. Freeway Land Co. 112, a general partnership organized under the laws of the State of Minnesota, (hereinafter called "Borrower ") shall provide for the construction, acquisition and installation of such facilities (hereinafter called "Project ") at its Little Canada location as Borrower deems necessary for the purpose of meeting its Project plans.