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Dec 17 03 03: 59p Timothy J. Nelson 303-439-8301 P• 2 <br /> • TIMOTHY J. NELSON <br /> REDHORSE REAL ESTATE INC. <br /> 7050 West 120th Avenue, Suite 118, Broomfield CO 80020 <br /> 303/439-8300; 303/439-8301 Fax <br /> December 17, 2003 <br /> Aaron Backman <br /> Economic Development Coordinator <br /> CITY OF MOUNDS VIEW <br /> 2401 Highway 10 <br /> Mounds View, MN 55112 VIA FAX NO. 763/784-3462 <br /> RE: Building 'N'TIF <br /> Dear Aaron: <br /> As you may know, the negotiation concerning the TIF agreement for this <br /> project was carried on over a period of approximately 10 years. The <br /> developer moved offices three times over that time period and duplicative <br /> and non-essential files were purged with each move. <br /> Enclosed are some additional documents we have found, pertaining to the <br /> establishment of the $12 Million amount of the Revenue Note in relation to <br /> qualifying development costs, which both the City and the developer labored <br /> over, negotiated and finalized together. As you can imagine, the total loss of <br /> principal repayment under the Note is the opposite of what both the City of <br /> Mounds View and the developer deemed appropriate for the completion of a <br /> successful project. I hope this information is helpful to you. <br /> I look forward to hearing from you after the EDC's consideration of this <br /> matter. <br /> Sincerely, <br /> REDHORSE REAL ESTATE INC. <br /> Timothy J. Nelson <br /> Enclosure <br />