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CM OF <br /> .011111. Torn <br /> • [ ifie <br /> . _ <br /> 'ess • Partne <br /> May 30, 2002 <br /> Mr. James G. Knight <br /> Red Cent Management, LLC <br /> c/o The Everest Group <br /> 100 Village Center Dr., Suite 230 <br /> North Oaks, MN 55127 <br /> Re: February 2002 TIF Payment(C.G. Hill) <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. The effect of the changes was to significantly reduce the semi-annual <br /> overpayments over the past six years (See TIF payments table). Taking into account the <br /> $220,939.97 in interest and principal that has been paid to date for C.G. Hill, and the correct <br /> developer payment of$208,866.21, the City of Mounds View has overpaid you by$12,073.76. <br /> While less for each tax year, the overpayments by the City of Mounds View mean that a <br /> payment for the C.G. Hill project would not occur in August 2002. A partial payment would <br /> occur in February 2003. <br /> Please do not hesitate to contact me with any questions or to talk with Jim Ericson. <br /> Sincerely, <br /> Aaron A. Backman <br /> Economic Development Coordinator <br /> 411 cc: Kathleen Miller, City Administrator <br /> Jim Ericson, Community Development Director <br /> Rich Sonterre, Mayor <br />