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• ,, GENERAL BENSON •ORTH CONTRACTORS ASSOCIATES ti . - ED Ms.Kathy Bennett January 28, 1997 Ms.Pamela Sheldon City of Mounds View 2401 Highway# 10 Mounds View,MN 55112-1499 RE:Tax Increment Assistance 7FP project,Lot 1,Block 1 Northstar 2nd Dear Kathy, In response to your request for information on the above captioned property,I have enclosed your "worksheet",filled out to our best estimates at this time,along with the following project description which should answer the nine questions on the bottom of the form. We are proposing to build a 22,500 square foot building(expandable to 40,000) with additional mezzanine area of 2500 sq.ft. This building will be 27 foot clear in height and constructed using a well insulated tip-up precast panel. The front of the building will appear to have two story office area with lots of glass and a dry- vit or"stucco-look finish"projected out toward Coral Sea Street. We plan to make extensive use of the existing trees to give the building the feeling of being set back in the woods. The building will be used as the regional headquarters for LE?Products. It will house their sales force, administrative offices,packaging and assembly operation,and warehouse needs. /►-.P provides cleaning and • sanitary products such as soaps,dispensers,and screens to the wholesale cleaning market,and area businesses. Attached is a copy of the letter dated January 23rd to Ms. Sheldon outlining the business. Though the structure will be tucked into the trees,we feel that the prominent location warrants the upgraded exterior design and will become a real asset to the park. With the construction of this project on this lot comes additional costs for utility purchase from Blaine,installation of another drainage pond,costs associated with saving the trees, tree removal,additional glass and dry-vit. This project may not be financially feasible for myself or 7FP,but for the potential tax increment financing assistance program available to off-set some of these eligible expenses. We would like to request a 50%split with the City of the increment generated by this project on a pay-as-you-go basis. This project will generate real estate taxes of nearly$50,000 annually through the year 2015. The net present value of this future cash flow is approximately$300,000 of which 50%would cover our utilities,soil,ponding and grading costs. I hope this is the information that you were looking for in analyzing our requests. We are also very receptive to granting the City of Mounds View an easement for signage on the corner of the lot for golf course identification. PIease call with any questions or comments you may have. Both ZEP and I look forward to becoming a part of your community and assisting in the growth of your City. Respec y, BENS - TH ASSOCIATES,INC. ,/ iiLl....41-t-i -• Mark . Ste' President i=CCI icgec : -e • ...:c= ::: • ''''--.a:::-.:. . --- •