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CM OF <br /> 11111iD2 <br /> -oPhone: (612) 717-4000P•,0EW Fax: (612) 784-3462 <br /> r <br /> o <br /> gS <br /> r <br /> e <br /> ss • Partneyct. <br /> June 23, 1997 <br /> Mr. Jeff Huggett <br /> MSP Real Estate <br /> 311 Fifth Avenue North <br /> Minneapolis, MN 55401 <br /> VIA FAX: 612-336-4565 <br /> Dear Jeff: <br /> Dave Maroney with Community Partners reviewed your revised budget for the Silver Lake <br /> Commons project This project includes a request for the sale of EDA owned land and a loan <br /> from tax increment funds collected from Mounds View's existing districts. Attached is a memo <br /> which outlines his initial analysis and request of additional information. Specifically, I would <br /> like to see the following: Ili <br /> ► Breakout of land/building costs by parcel and copies of the purchase agreements with <br /> land owners. <br /> ► Breakout of soft costs to include the amount of developer fee and contractor profit. <br /> ► Explanation of debt service under the income/expense analysis. <br /> At this time we do not feel fully prepared to have the EDC make a recommendation on your <br /> request until we have received and reviewed the additional information. Therefore, we are <br /> canceling the EDC meeting this Thursday. Your request will be reviewed by the EDC on July 24 <br /> and formal action on the sale of the land and loan request can be made by the EDA at the July 28 <br /> meeting. <br /> We have scheduled a meeting with Ramsey County, MHFA and Minneapolis Public Housing <br /> Agency for this Thursday morning at 8:00 a.m. to review documentation needed for analysis of <br /> the project from all public funding sources. We will jointly make a request to minimize <br /> duplication and miscommunication. In addition our attorney is reviewing the purchase <br /> agreement, Holman Cooperative Agreement and documentation that may be needed to comply <br /> with the use of tax increment funds. <br /> Sincerely,2 <br /> r •ath nnett, Dir. of Economic Development <br /> PflIMTEO WITH 2401 Highway 10• Mounds View, MN 55112-1499 «t <br /> SOY1NKf Tx, <br /> recycled Paper <br /> Equal Opportunity Employer <br />