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THIS IS <br /> IT . . . . <br /> For the Week of April 4, 1994 - April 8, 1994 <br /> ADMINISTRATION <br /> Everest <br /> Jim O'Meara has talked with Jim Casserly regarding the Council's reaction to the <br /> presentation last Monday night. Casserly will now approach Everest with the Council's <br /> response with the expectation that we will have their response early next week. <br /> Wednesday, I met with Alan Anderson of Everest to discuss their request of the City <br /> to release their Letter of Credit for the Business Park South. The Letter of Credit is <br /> slated for expiration in September of next year, but they would like an early release so <br /> that they can use the cash for additional projects. Everest has fulfilled all the <br /> requirements of the development agreement, taxes have been paid in full and on <br /> time. There is little risk to the City in releasing the Letter of Credit. The Business Park <br /> is doing well and a chain of events that would have to take place in order for the <br /> project to be in jeopardy of non-payment of taxes is very unlikely. We can discuss this <br /> more at the Strategic Planning and determine an appropriate response to Everest in <br /> time for the April 25th Council meeting. <br /> Legislation <br /> The bill Representative Geri Evans introduced which requests State funding ($50,000 <br /> total) for Mounds View and New Brighton to participate in the North Metro <br /> Development Corporation was heard in committee Thursday morning. Geri will stay <br /> on this bill....she is very determined to secure funds for us to initiate and complete <br /> fundamental economic development programs such as business retention and <br /> recruitment. <br />