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Suite 1045 <br />Soo/ `West 80 di Street <br />31 ominyton, nnesota 55437 <br />612-831-4676 <br />February 23, 1981 <br />The Honorable Ray Hanson, Mayor <br />and Members of the City Council <br />City of Little Canada <br />515 E. Little Canada Road <br />Little Canada, Minnesota, 5511? <br />eBo&tafis Martinson <br />Sini?estments,§ncorRoratec[ <br />RE: Mr. O.L. Lee, Yorkton Industrial Park <br />$2,205,000 Tax - Exempt Mortgage Package <br />Little Canada, Minnesota <br />Sncmne property f nancu5 <br />,Qeafestate consult <br />Dear Mayor Hanson and Council Members: <br />At the request of Mr. Lee, we have conducted an informal study <br />as to the economic feasibility of the proposal that the City of <br />Little Canada issue a tax - exempt mortgage under provisions of <br />the Minnesota Municipal Industrial Development Act to provide <br />funds to acquire land and construct new industrial buildings. <br />Based on our preliminary investigation of the principal's <br />financial condition, we believe the project is economically <br />feasible and the tax - exempt mortgage of the City can be successfully <br />issued and placed. We propose to assist in the placement of <br />said tax - exempt mortgage subject to the approval of the project <br />by the Minnesota Securities Commissioner and the sponsor as to the <br />terms and conditions of the issuance and placement of the tax - <br />exempt mortgage. <br />We have had the pleasure of working with Mr. Lee on several other <br />projects, and look forward to proceeding with this one. <br />Very truly yours, <br />BMI, INC. <br />Brice M. Martinson <br />President <br />9 <br />