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6126360183 EVEREST GROUP 730 P02/05 APR 16 '97 16:40 <br /> April 16, 1997 EVEREST DEVELOPMENT, LTD. <br /> A MtMdtR or TI it rvrRCST GROUP,LTO. <br /> Via Fax#784-3462 <br /> and Regular Mail <br /> Ms. Cathy Bennett <br /> EDA Executive Director <br /> CITY OF MOUNDS VIEW <br /> 2401 Highway 10 <br /> Mounds View, MN 55112-1499 <br /> Re: Building N Project <br /> Mounds View Business Park <br /> Dear Cathy: <br /> I am writing as a follow-up to our recent conversations and my prior <br /> correspondence of March 27 to request the opportunity to have discussion wit, <br /> the City Council at their work session on Monday, April 21, concernn;, the �tefl <br /> project. <br /> We appreciate the opportunity to meet with the Council on an informal basis to <br /> renew discussion concerning a pay-as-you-go TIF assistance package, <br /> generally along the lines outlined in Chuck Whiting's letter of January 9, 1997. <br /> We intend, however, to request that the Council consider flexibility in its position <br /> regarding the following elements of a potential TIF arrangement <br /> • Eligibility of Everest Construction Co.'s contractor's fee and <br /> overhead as a TIF eligible expense, in connection with installation <br /> of site and public improvements (see enclosed Memorandum <br /> provided by TIF consultant and attorney, James R. Casserly, <br /> concerning this issue); <br /> • Appropriate interest rate to be utilized in a pay-as-you-go revenue <br /> note; <br /> • Protection of the pay-as-you-go TIF revenue note reimbursement • <br /> payment schedule against potential changes in State law (e.g. <br /> restructuring of school aid formulas) that might reduce the <br /> increment generated by the project. <br /> 266.1 Long Lake Road <br /> Suite 330 • Roseville_. MN 55113 <br />