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02/02/1994 17: <br /> 1 7: 38= • 6 <br /> S 12-33te6-4'565 MSP "" :✓..ya .. ur t' 4� PAGE ti02 <br /> i �,4,t LR:O .ILf `4m .•u , P. <br /> 1;'.r3\-1A:4'• i ; YrY + ` `k 1414CtKlitp • '• <br /> • ..t <br /> MSP <br /> real estate services I n c . <br /> February 2, 1994 <br /> Ms. Samantha Orduno <br /> City Manager <br /> City of Mounds View <br /> 2401 Highway 10 <br /> Mounds View, MN- 55112-1499 - - <br /> RE: SENIOR HOUSING <br /> MOUNDS VIEW, MN <br /> Dear Samantha: <br /> Enclosed is the information you have requested that we submit with <br /> our application for TIF funding and our Planned Unit Development: <br /> 1. ) PUD Application <br /> 2. ) Resume / Track Record of Developer <br /> 3. ) Site Plan of Proposed Project <br /> 4. ) Project Description <br /> 5. ) Preliminary Financial Projections <br /> REQUEST <br /> Our request to the City of Mounds View is 4-fold: <br /> 1. ) we request that the city approve our PUD plan to build an <br /> 80-unit, 3-story senior apartment building as outlined in <br /> the enclosed site plan. The PUD would be conditioned <br /> upon the project obtaining adequate TIF funding, tax <br /> credits and debt financing. If said financing is <br /> inadequate, the zoning would revert to its existing <br /> classification. <br /> 2. ) We request that the city grant this project 15 years of <br /> "pay-as-you-go" TIF funding in an amount equal to 90% of <br /> the tax increment generated from the proposed project. <br /> The 15 years would commence once the property is fully <br /> assessed for real estate taxes, and the precise amount of <br /> TIF funding to the project would be determined once real <br /> estate taxes have been established. <br />