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SPRINGSTED <br /> 222 South Ninth Street <br /> PUBLIC FINANCE ADVISORS Suite 2825 <br /> Minneapolis, MN 55402-3368 <br /> (612) 333-9177 <br /> Fax: (612) 333-2363 <br /> Home Office <br /> 85 East Seventh Place 16655 West Bluemound Road <br /> Suite 100 Suite 290 <br /> Saint Paul, MN 55101-2143 Brookfield, Wl 53005-5935 <br /> (612) 223-3000 (414) 782-8222 <br /> Fax: (612) 223-3002 Fax: (414) 782-2904 <br /> 6800 College Boulevard <br /> Suite 600 <br /> Overland Park, KS 66211-1533 <br /> (913) 345-8062 <br /> Fax: (913) 345-1770 <br /> 1800K Street NW <br /> Suite 831 <br /> May 14, 1992 Washington, DC 20006-2200 <br /> (202) 466-3344 <br /> Fax: (202) 223-1362 <br /> Mr. Randall Schumacher, City Administrator <br /> Mr. Martin Aseleson, Park Superintendent <br /> Lino Lakes City Hall <br /> 1189 Main Street <br /> Lino Lakes, MN 55014 <br /> Dear Randy and Marty: <br /> The enclosed estimates are revisions of those sent to the City on May 1, 1992. The changes <br /> relate only to the estimated property tax impact of the project; the estimated debt service <br /> scheduled remains unchanged. The change in the tax impact is caused by a change in State <br /> law which requires the property tax levies on referendum-approved debt for cities to be based <br /> on the City's estimated market value, not its tax capacity. <br /> For cities without extensive commercial-industrial bases, this statute shifts the tax burden to <br /> residential properties from non-residential properties. <br /> We apologize for the need for this change, and are available to address any questions the City <br /> may have on these estimates. <br /> Respeciuily, <br /> David N. MacGillivray <br /> Senior Vice President <br /> \ksc <br /> \enc. <br />