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04-21-1997 WS
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04-21-1997 WS
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6/28/2018 1:52:09 PM
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MV City Council
City Council Document Type
City Council Packets
Date
4/21/1997
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6126360183 EVEREST GROUP 730 PO4/25 APR 16 '97 '16:41 <br /> KRASS <br /> MONROE <br /> . KRASS MONROE, P.A. <br /> • ATTORNEYS AT LAW • <br /> MEMORANDUM <br /> TO: The Everest Group, Ltd. <br /> FROM: James R. Casserly, Esq. <br /> RE: Vendor's Overhead and it as a Tax Increment Eligible Expense <br /> DATE: April 14, 1997 <br /> FACTS <br /> A Developer has acquired certain real property that is included in a redevelivinent tax <br /> • <br /> increment financing district. The Authority has agreed to financially 2S ` <br /> with the redevelopment of this site. One form of financial assistance being considered is to <br /> reimburse the Developer (or an affiliate of the Developer) for the costs of various public and <br /> site improvements. The Developer intends to have its affiliate construction company serve <br /> as general contractor in the installation of the public and site improvements. The Developer's <br /> contractor affiliate intends to add the customary costs of overhead and profit to the costs of <br /> the site improvements. <br /> ISSUE <br /> Are customary charges for a vendor's overhead and profit eligible for reimbursement from <br /> tax increment where the vendor is an affiliate of the Developer? • <br /> SUITE 1100 SOOTHPOINT OFFICE CENTER •1850 WEST 82ND STRERT •$1,O0MINGTON, MINNESOTA 554: 1°1447 <br />
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