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07-08-1996 WS
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07-08-1996 WS
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MV City Council
City Council Document Type
City Council Packets
Date
7/8/1996
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CITY OF <br /> CMOS <br /> 4101111F-0EW <br /> Phone: (612) 784-3055 <br /> •AFax: (612)784-3462 <br /> S <br /> ° e:: • Panne- <br /> June 3, 1996 <br /> Mr. Timothy Nelson <br /> The Everest Group, LTD <br /> 2665 Long Lake Road, Suite 330 <br /> Roseville,MN 55113 <br /> Dear.Tim: <br /> Chuck and I reviewed your request for a pay-as-you-go tax increment financing assistance proposal for Building"N" <br /> in Mounds View Business Park. The request includes $1,235,334 present value revenue note which equates to <br /> approximately$4.28 per square foot of assistance on the project. The term of the proposal is 15 years at 7% interest <br /> rate. <br /> At the EDA work session on April 29, 1995, we were directed to encourage a proposal for Building"N"and negotiate <br /> terms of the agreement prior to bringing an equitable tax increment package to the EDA for review. After careful <br /> iew with the EDA's fiscal and bond attorney's I would like to make an alternate proposal which, in my opinion, <br /> e EDA Board members would be more susceptible to: <br /> The proposal:includes an eight year, 7% interest rate pay-as-you-go agreement which would equal approximately <br /> $2.75 per square foot of assistance. This is more in line with the pay-as-you-go agreements the EDA has approved in <br /> the past. <br /> In regards to the proposed$200,000 grant to "Company B"I would propose a very desirable low interest rate loan <br /> with the company over a term not to exceed their lease agreement to finance the new equipment and racking systems. <br /> At this time we are not interested in setting a precedence of providing grants but would be willing to review a <br /> favorable loan agreement. <br /> The City of Mounds View's EDA is very interested in working with The Everest Group to see the completion of the <br /> very successful business park. If these terms are agreeable I would be willing to arrange for a special work session <br /> prior to either of the regular meetings in June. <br /> Please contact me with questions or comments at your earliest convenience. <br /> Sincerely, <br /> 71 <br /> • <br /> Cathy Binnett <br /> Executive Director <br /> cc: Chuck Whiting, City Administrator <br /> �C-+uT a""T <br /> *....• crt.. "' 2401 Highway 10 • Mounds View. MN 555112-iaoq (5) <br />
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