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COTY OF <br /> 1111003 <br /> Phone: (612) 717-40 <br /> Q[ Fax: (612) 784-346 <br /> 046, • Partne0\\‘ <br /> October 22, 1997 <br /> Mr. Patrick Peistring <br /> Peistring Capital Corporation <br /> 4205 Lancaster Lane North, Suite 1100 <br /> Minneapolis, MN 55441 <br /> Dear Patrick: <br /> I am responding to your letter dated October 21, 1997 regarding CALPERS/LaSalle Partner's request for a grant <br /> of$700,000 to assist in the retention and expansion of Fiskars/Portable Products. <br /> I would like to stress that the City of Mounds View is very interested in assisting in the retention of a quality <br /> growth company such as Fiskars/Portable Products. Unfortunately, the structure of your request would be <br /> difficult to support certain public purpose guidelines without further documentation and evaluation of other le <br /> costly alternatives. <br /> In the meeting with Dave Maroney, Rick Jopke and myself we requested information regarding lease terms with <br /> present value comparisons, reviewing alternate methods of making a grant payment and other possibilities of <br /> relocating Fiscars/Portable Products. Without evaluating this information staff can not support the request at this <br /> time. We believe there are other alternatives that would successfully meet Fiskars/Portable Products expansion <br /> needs without disrupting Sims Deltec and incurring the $700,000 tenant improvement/relocation costs. <br /> In discussion with Mayor McCarty it was his recommendation to meet with the Economic Development <br /> Commission (EDC) prior to a presentation to the entire Council/EDA. The next EDC meeting is scheduled for <br /> Tuesday, October 28, 1997 at 6:00 p.m. The meeting will be held at Pinewood Elementary School, 5500 Quincy <br /> Street in the Art Classroom next to the gymnasium. I will include this item on their agenda for discussion. <br /> Let me know if you will be able to attend the meeting. I would strongly encourage inviting a representative from <br /> Fiscars to the meeting as well. <br /> Sincerely, <br /> Cathy :-nnnett <br /> Director of Economic Development • <br /> cc: Dave Maroney, Chuck Whiting, Rick Jopke <br /> IP INTEOWITHI s 2401 Highway 10 • Mounds View, MN 55112-1499 iSOYINKIT <br /> 'ec1'Ced oaoer <br />