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Page Two <br /> February 16, 1995 <br /> You are no doubt aware that the State legislature is reviewing several legislative <br /> proposals intended to place restrictions on tax increment financing. Among the <br /> legislative proposals is House File No. 147. As currently drafted and proposed, House <br /> File No. 147 contains provisions which could jeopardize the use of tax increment <br /> financing within and arising from Mounds View Business Park, including the proposed <br /> Building N project. While no one can predict with certainty the final provisions of a <br /> bill restricting tax increment assistance, the expert observers seem to agree that some <br /> form and level of restrictions on TIF assistance are virtually assured to be approved this <br /> legislative session. <br /> Recently, Samantha Orduno requested and Everest agreed to provide letters to the <br /> authors of House File No. 147 recounting the history and beneficial results of Mounds <br /> View Business Park and confirming the undeniable fact that the project would not have <br /> occurred but for the tax increment financing made available by the City of Mounds <br /> View under then existing legislation. We are preparing and will forward the requested <br /> letter within the next few days. <br /> In light of the pending legislative proposals that jeopardize Tit. assistance, we request <br /> that the Mounds View EDA finalize a Development Assistance Agreement for the <br /> Building N project based on the TIF assistance proposal reviewed and considered last <br /> summer. Action to finalize the Development Assistance Agreement over the very near <br /> term may prove to be crucial in preserving the ability to utilize TIF assistance for this <br /> site and project. Everest representatives and our development consultants, Jim Casserly <br /> and Mary Molzahn, are prepared to provide any information necessary and to meet <br /> with the EDA and/or its development consultants as required to finalize an agreement. <br /> This is a matter of vital importance to Everest and, we believe, to the City of Mounds <br /> View, if the development potential for this last remaining site in Mounds View <br /> Business Park is to be realized in the foreseeable future. <br /> Your consideration of and reply to the foregoing request will be greatly appreciated. <br /> We look forward to meeting with you at your earliest opportunity concerning this <br /> matter. <br /> Sincerely, <br /> EVEREST DEVELOPMENT, LTD. <br /> ' mothY J. Nelson <br /> TJN:lc <br /> cc: James O'Meara <br /> Jim Casserly & Mary Molzahn <br />