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10/02/97 THU 17:01 FAX 16122889400 HOLMES&GALEY,LTD 15 <br /> • HOLMES & GAL.EY, LTD. <br /> ONE FINANCIAL PLAZA,SUITE.1200,120 SOUTH SIATII STREET,MINNEAPOLIS,MINNESOTA 55402 <br /> TF.I.RPIIONE:(612)288-9300 • FACSIMILE:(612)288-0400 <br /> E-MAIL ADDRESS: IIc1.TD9r11DT,NET • DIREc:T DIAL:(612)305-4270 <br /> JAMES S. HOLMES <br /> ATTORNEY AT LAW <br /> October 2, 1997 <br /> Mr. David Engstrom <br /> 1001 Washington Avenue North <br /> Minneapolis, MN 55402 <br /> Re: Silver Lake Commons/Mounds View <br /> • <br /> Dear Dave: <br /> Attached find a draft copy of a Cooperation Agreement and an Initial Agreement. As I <br /> indicated in my letter of September 23rd to Bob Long, there are many alternatives for dividing <br /> the administrative responsibilities between the MPHA and the City, or the City EDA. Since no <br /> one has given me comments on this, I have simply used the structure currently proposed for the <br /> Eden Prairie project, where the MPHA assumes all responsibility initially, but with the intention <br /> that the Metropolitan Council will be substituted for the MPHA in the future. <br /> I have had some conversation with Evon Shell and Wayman Lawrence, representatives of <br /> MSP Real Estate Inc., about structuring the public housing development funds as either a <br /> forgivable loan to the partnership or as a grant to the nonprofit general partner of the partnership. <br /> If either approach is used, the Initial Agreement may need to be changed to reflect this. <br /> Very t tiv yours, <br /> Jain_ S Holmes <br /> • )SH:mj <br /> Enclosures <br /> Cc: Milo Pinkerton (w/encl.) <br /> Bob Long (w/encl.) <br /> D:'.IM NN`I2f.0I4'\.CORR'.DENGSTROM.DOC <br />