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08/18/98 13:10 $6123385288 GRIFFIN COS Z005/007 <br />Your experience on the first phase of Apollo Business Park should point out to you that the success of <br />that park was due to the fact that there were any years temai aing on the tax district allowing a greater <br />subsidy to be funded to the companies. The lack of success on this phase of the Apollo Business Park is a <br />clear indication to me that the TIP Program available through the city has run out of steam and is <br />inadequate to encourage business owners to locate to Lino Lakes. <br />RECOMMENDATIONS <br />I recommend that the City of Lino Lakes redefine the Tax Increment Financing District for Apollo <br />Business Park to permit enough funding through the district to provide the capital necessary to fund the <br />special assessments and the land at closing. Program would equal or exceed existing programs in other <br />cities <br />As we all know the industrial real estate market moves in cycles and has windows of opportunity <br />available. The current expansion of industrial space in the metro area probably will continue for a while, <br />or at least until there is a substantial downturn in the economy. We all mist take advantage oldie <br />business climate as it exists today, which is extremely good for smaller companies moving from a lease <br />position to a position of ownership. Not only we, as brokers or owners, but also cities should capitalize <br />on the opportunities available by offering the best program possible. We all know that once those <br />businesses are located in the park they will create a job base and a tax base for the community and will <br />provide that benefit for many years to come. <br />It is my sincere hope that the city will revise and extend their TIE Program to enable the owners of the <br />Apollo Business Park to successfully complete the development of that project within a reasonable time. <br />I invite you to read the attached case studies. <br />If you have any questions please call me at 904-7818. <br />Regards, <br />fi(atc nevfou bur <br />Mark E. Moore <br />Vice President <br />Enclosure <br />cc Gary M. Uhde <br />Mary Divine <br />