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Mann <br /> EVEREST DEVELOPMENT, LTD. <br /> A MEMBER OF THE EVEREST GROUP,LTD. <br /> March 10, 1999 <br /> Via Facsimile#612/784-3462 <br /> Rick Jopke <br /> Community Development Director <br /> CITY OF MOUNDS VIEW <br /> 2401 Highway 10 <br /> Mounds View, MN 55112-1499 <br /> Re: Building N, Mounds View Business Park <br /> Development Assistance Agreement <br /> Dear Rick: <br /> I was astonished and extremely disappointed at the action of the EDA on Monday, <br /> March 8, to postpone consideration of the requested changes to the Building N <br /> Development Assistance Agreement ("Agreement"). As you know, (and as you <br /> reported to the EDA), the requested modifications are not deal points but are <br /> housekeeping in nature and would make the Agreement applicable to and consistent <br /> with the alternate site plan for an upgraded office/flex project approved by the City <br /> Council in December, 1998. <br /> We have requested no changes to the economic terms of the Agreement as previously <br /> negotiated and approved by the EDA. Our sole purpose in requesting changes to the <br /> Agreement was to allow us to proceed with a revised project that we expect to have <br /> more appeal in the marketplace and that offers several benefits to the City: <br /> • A more attractive and higher quality building — with a brick and glass front <br /> as contrasted to the painted masonry block exterior on the previously <br /> approved office/warehouse building. <br /> • High probability of higher level of office finish, in the range of 50-75%, <br /> resulting in a greater number of higher paying head of household jobs. <br /> • Equal or higher tax value, due to higher quality construction and higher <br /> finish levels. <br /> 2665 Long Lake Road <br /> Suite 120 • Roseville, MN 55113 <br /> (651)636-5500 Fax: (651)636-0183 <br />