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J. <br /> THE EVEREST GROUP, LTD. <br /> January 11, 2000 <br /> Rick Jopke <br /> Community Development Director <br /> CITY OF MOUNDS VIEW <br /> 2401 Highway 10 <br /> Mounds View, MN 55112 <br /> Re: Building N, Mounds View Business Park <br /> Development Assistance Agreement dated 4/26/99 <br /> Certification of Site and Public Improvement Costs <br /> Dear Rick: <br /> Pursuant to the requirements of the noted Development Assistance Agreement for the <br /> Building N project, enclosed and forwarded to you is the Developer's certification of site <br /> and public improvement costs. <br /> • Under the Agreement, the amount of the pay-as-you-go tax increment Revenue Note is <br /> to be established as the lesser of $1,200,000 or the sum of the appraised value of the <br /> site ($615,000) and the site and public improvement costs for the items identified on <br /> Exhibits D & E to the Agreement. <br /> The qualifying site and public improvement costs total $636,936. This sum, added to <br /> the $615,000 appraised land value, is $1,251,936, exceeding $1,200,000; therefore the <br /> amount of the Revenue Note should be established as $1,200,000, with interest <br /> accruing from December 15, 1999, the date of the Certificate of Completion. <br /> Pursuant to the Agreement, please prepare the Revenue Note in this amount for <br /> execution by the EDA and forward the executed Revenue Note to Michael Investments, <br /> in care of our office, at your earliest convenience. Please note also that the first <br /> payment installment under the Revenue Note is due February 1, 2000. Thank you for <br /> your assistance. <br /> Sincerely, <br /> THE EVEREST GROUP, LTD <br /> on behalf of Michael Investments <br /> ,...,,"Q__A,_.,- <br /> 0 Timothy J. Nelson <br /> TJN:lc <br /> Enclosure 2665 Long Lake Road <br /> Suite 120 • Roseville, MN 55113 <br /> (651) 636-5500 Fax: (651)636-0183 <br />