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LAW OFFICES <br />BPIGGS AND MOI�GAN <br />PI30EN:S'SIONAL ASSOCIATION <br />2200 P'IAST NATIONAL BAN$ BUZLDING <br />SALNT PAUL, MZNNESOTA 5.�101 <br />TE7.EPHONF. (0121 223 - 6000 <br />FACSIMILE (Al2) 223-6450 <br />WEITEII'S DIEECT DiAL NUMBER <br />(612) 223-6420 <br />VIA REGULAR MAIL <br />Samantha Orduno <br />City Administrator <br />City of Mounds View <br />Mounds View City Hall <br />2401 Highway No. 10 <br />Mounds View, Minnesota 55112 <br />Don Brager <br />City Finance Director <br />Mounds View City Hall <br />2401 Highway No. 10 <br />Mounds View, Minnesota 55112 <br />May 3, 1994 <br />VIA ME5SENGER <br />MINNEAPOLIS OFFICE <br />2A90 IDS CL+NTEB <br />DIINVE4POLI5� DIINNESOTA 65402 <br />TELP•.PHONE 1012) 384-8400 <br />FACSIDSII.E (812) 334-8Qu0 <br />Jim Casserly <br />Casserly Molzahn & Associates, Inc. <br />215 South 11th Street <br />Suite 300 <br />Minneapolis, Minnesota 55403 <br />Re: First Drafts of Proposed Development Assistance Agreements between the <br />Mounds View EDA and Everest Development for Multi-Tech and C.G. Hill <br />Projects, Respectively <br />Dear Samantha, Don, and Jim: <br />Please find enclosed these first drafts, marked 5/3/94 in the upper right hand corner <br />of the cover page. Although these have been discussed in very general terms, the City has <br />not reviewed or commented upon the enclosed drafts. <br />The two agreements are identical in structure. For example, the Multi-Tech <br />agreement provides for payment of up to $707,626 of Everest's site acquisition, carrying and <br />improvement costs, together with interest at 7% commencing upon completion. This would <br />be a"pay as you go" tarc increment arrangement, evidenced by a taxable EDA revenue note, <br />which would be payable only out of the ten years' of increment, payable 1996 through <br />payable 2005, and only from 85% of the tax increment generated by the "Improvements," <br />being the 30,000 square foot Multi-Tech expansion. The EDA would have the right to <br />prepay the Note if it ever chose to do so. The payment obligations of the EDA on the Note <br />would also be subordinate to the pledge of tax increments to the "Bonds" (including any <br />future refunding bonds) issued by the City to fund various development costs within the <br />Business Park. <br />