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COTV Or <br /> °,'JUS EC <br /> s. <br /> °d'ress • partnerS���S <br /> May 30, 2002 <br /> Mr. James G. Knight <br /> Red Cent Management, LLC <br /> do The Everest Group <br /> 100 Village Center Dr., Suite 230 <br /> North Oaks, MN 55127 <br /> Re: February 2002 TIF Payment(Building N) <br /> Dear Mr. Knight: <br /> • As a follow-up to our meeting today regarding TIF payments calculations for the Building N <br /> and C.G. Hill projects, we have agreed on the following: The City of Mounds View has <br /> incorporated the previously discussed changes regarding the tax capacity rates for the <br /> respective parcels. After recalculating the developer payments for Pay 2001, the City of <br /> Mounds View owes an additional $619.98 per semi-annual payment or $1,239.96 for the year. <br /> (See attached Pay As You Go 2001 spreadsheet). Also, the projected Pay 2002 spreadsheet for <br /> Building N is attached. Under the present Development Assistance Agreement provisions and <br /> with class rate compression, the projected semi-annual developer payment drops from <br /> $22,825.16 to $13,432.67. <br /> Please do not hesitate to contact me with any questions or to talk to Jim Ericson. <br /> Sincerely, <br /> ach-44-- <br /> Aaron A. Backman <br /> Economic Development Coordinator <br /> cc: Kathleen Miller, City Administrator <br /> • Jim Ericson, Community Development Director <br /> Rich Sonterre,Mayor <br />