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J <br /> WARCHOL 3433 BROADWAY STREET NORTHEAST,SUITE 110 <br /> • BERNDT attorneys MINNEAPOLIS-ST.PAUL,MINNESOTA 55413-1783 <br /> HAJEK FAX (612) 331-1069 TELEPHONE(612) 331-4211 <br /> a professional association <br /> CHRIS H. BERNDT <br /> January 22, 1999 <br /> Economic Development Committee <br /> c/o Kevin Carroll <br /> Economic Development Coordinator <br /> City of Mounds View <br /> Community Development Department . <br /> 2401 Highway 10 <br /> Mounds View, MN 55112 <br /> 0 .Re: Mermaid Hotel/Convention Center/Banquet Center Project <br /> Our File No. 1159.40C <br /> Dear Mr. Carroll: <br /> I am the attorney for Hall, LLC, a Minnesota limited liability company (Developer) with respect <br /> to the project above identified. As you know, I have reviewed the revised draft of the <br /> Development Agreement proposed by the City of Mounds View(City) for use with respect to the <br /> new convention center/hotel/banquet center (Project) proposed by the Developer to be integrated <br /> with the current Mermaid Complex. <br /> The-revised Development Agreement incorporated for the first time,a provision which requires . <br /> the Developer to first pay an unspecified sum as cash equity towards the Project costs prior to <br /> the City making contribution of the Tax Increment proceeds (Reimbursement Amount). <br /> As with any major endeavor, this Project has gone through several conceptual phases. My client <br /> believes that the information submitted to you earlier, although not necessarily incorrect at the <br /> time it was submitted, may have not given you a clear understanding of the Project and my <br /> client's commitment to the Project. To further clarify the parties and the transaction, I submit <br /> the following additional information for your consideration: <br /> • <br />