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LAW OFFICES <br />BRIGGS AND MORGAN <br />PROFESSIONAL ASSOCIATION <br />2200 FIRST NATIONAL BANE BUILDING <br />SAINT PAUL, MINNESOTA 55101 <br />WRITERS DIRECT DIAL NUMBER <br />(612) 223 -6625 <br />Mr. Joel Hanson <br />City Administrator <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />TELEPHONE 1612) 223.0600 <br />FACSIMILE 1012) 223 - 0460 <br />November 20, 1991 <br />MINNEAPOLIS OFFICE <br />2400 ID CENTER <br />MINNEAPOLIS, MINNESOTA 66402 <br />TELEPHONE 1012) 004'0400 <br />FACSIMILE 1012) 034'0050 <br />Re: City of Little Canada - Amendment to Commercial Development Revenue <br />Note of 1981 (Yorkton Industrial Building B Project) <br />Dear Joel: <br />Enclosed for consideration by the City Council on Wednesday, November <br />27, are five copies of the Resolution approving and authorizing execution of <br />Amendment and Restated Commercial Development Revenue Note of 1981. <br />I have also enclosed five copies of the First Amendment to Loan <br />Agreement and the original Amended and Restated Commercial Development <br />Revenue Note which need to be executed by the Mayor and City Clerk following <br />adoption of the Resolution. <br />I will also need five executed and certified copies of the enclosed <br />Resolution approving the amendment. <br />As I mentioned earlier, the purpose of the amendments is to reduce the <br />interest rate on the Note from 11 5 /8th percent to 9 3 /8th percent, to accelerate <br />the final maturity date of the Note to December 1, 1994, and to convert the Note <br />from a tax exempt note to a taxable note. <br />Page 52 <br />