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_ • w a <br /> BEELAIR <br /> BUILDERS INC <br /> May 8, 1995 <br /> Samantha Orduno, City Administrator <br /> Cathy Bennett, Economic Development Coordinator <br /> City of Moundsview <br /> 2401 Highway 10 <br /> Moundsview, MN 55112— <br /> RE: Bridges Technology Center <br /> Dear Samantha & Cathy: <br /> On behalf of Larry Lindberg, Steve Peterson, and Joe Wentzel I would like to thank you for <br /> your time and the information you shared with us at our recent meeting. I would like to <br /> clarify our discussion to this point to make sure that I understand actions needed for the <br /> successful completion of the Bridges Technology Center. <br /> Proposed Project: <br /> Bridges Technology Center will be a 31,000 SF industrial building located on Lot 3, <br /> Block 1, North Star Industrial Park. The building will be of quality materials <br /> consistent with the City's desires for projects adjacent to the Municipal Golf Course. <br /> The primary tenant will be Midwest IV, an industry leader in Home Care <br /> Pharmaceutical delivery. As you are aware there will likely be a second tenant as <br /> well that is very technical in nature. The owner of the real estate will be the <br /> company representatives Mr. Lindberg, Mr. Peterson, and Mr. Wentzel. <br /> The building is currently being designed and we should have the preliminary <br /> schematic available soon. <br /> Tax Increment Assistance (TIF): <br /> The City policy has been to provide TIF on a pay-as-you-go basis. There is an <br /> agreement in place through the current property owner regarding City assistance for <br /> extending utilities. It is the developers responsibility to provide a pro forma analysis <br /> relating to meeting the "but for" test. This analysis must show the gap for which tax <br /> increment is being requested. <br /> 2200 OLD HIGHWAY 8• NEW BRIGHTON, MINNESOTA 55112 • (612) 786-1300• Fax: (612) 786-0769 <br /> EQUAL OPPORTUNITY AND AFFIRMATIVE ACTION EMPLOYER <br />