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Northwest Associated Consultants, Inc. <br />U R B A N P L A N N I N G • D E S I G N • M A R K E T R E S E A R C H <br />MEMORANDUM <br />TO: Little Canada City Council <br />FROM: Dan Wilson <br />DATE: 11 December 1989 <br />RE: Little Canada - Rice at CII TIF <br />Boosalis Revisions <br />FILE NO: 758.09 - 88.34 <br />Mary Ippei contacted me this week relative to proposed changes <br />Mr. Boosalis' attorney Dan Nelson had just requested. The basic <br />thrust of the revisions was to produce the amount of tax <br />increment available because of a reduction in the commercial <br />building size. Initial concerns were for the financial <br />feasibility of the project and the level of special assessments <br />that might be required. <br />SUMMARY OF CONCLUSIONS <br />The changes presented by Mr. Boosalis do not adversely effect the <br />financial feasibility or substantially later the project, <br />provided the following conditions are sustained: <br />I. Interest rates remain at approximately 8.5%. <br />2. The residential build out rate projected in the TIF plan is <br />attained. <br />3. The recent reduction in public improvement cost estimates <br />will be attained. <br />BACKGROUND <br />Mr. Boosalis requested the following changes be made to the <br />development contract drafted by Mary Ippel last September: <br />1. Reduce total development square footage from 14,800 square <br />feet to 11,840 square feet. <br />2. Remove Rapid Oil Change completion date from 12 -31 -89 to <br />1990. <br />Page 3 <br />4601 Excelsior Blvd. • Suite 410 Minneapolis, MN 55416 • (612) 925 -9420 • Fax 925 -2721 <br />