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`CJGO GL� <br />Yti % 4anaC7CS <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />January 7, 1994 <br />TO: Mayor Hanson <br />Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />MAYOR <br />Raymond G. Hanson <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve MoreIan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />RE: Issuance of Revenue Note R -2 for St. Jude Medical <br />Enclosed is the proposed revenue note R -2 for St. Jude <br />Medical expansion project. This note relates to the <br />development agreement between the City of Little Canada and <br />St. Jude Medical dated May 1, 1992 which provided for City <br />assistance in the form of tax increment financing on a <br />pay -as- you -go basis for their carbon facility located on <br />County Road B. The form of this note is as provided for in <br />the development agreement. <br />The amount of the note is based on submittals from St. Jude <br />Medical relative to eligible project costs as defined by <br />the development agreement. I have personally reviewed <br />these submittals and verified the amount of the note. It <br />should be noted that this note as well as the note issued <br />December 1 of 1992, are payable from available tax <br />increment revenues. If tax increment revenues are not <br />sufficient to fully retire these notes, there is no further <br />obligation on the part of the City to do so. <br />It is my recommendation that the Council approve the <br />issuance of revenue note R -2. Should any of you wish <br />further details regarding the nature of that agreement, <br />please contact me so we can set up a time to go over that <br />material. <br />JRH /mbg <br />Page' 70 <br />