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September 10, 1984 <br />Honorable Mayor <br />and Council <br />City of Mounds View <br />2401 Highway No. 10 <br />Mounds View, Minnesota 55112 <br />Re: City of Mounds View - $400,000 Commercial <br />Development Revenue Bonds of 1984 <br />(Kinder -Care Learning Centers, Inc. Project) <br />Centlemen: <br />As you know, we are involved in the development of a child learning and day- <br />care center to be located on property in the City of Mounds View. The purpose of <br />this letter is to request that the City of Mounds View undertake to authorize <br />municipal revenue bond financing of all or a portion of the project in accordance <br />with the Municipal Industrial Development Act of the State of Minnesota, <br />Attached is a form of proposed preliminary resolution which bond counsel, <br />Briggs and Morgan, has advised us should be adopted if the City Council should <br />elect to authorize such financing. <br />We hereby confirm our representation that we have no present binding financ- <br />ing commitment, no general contract, nor any legal obligation to undertake the <br />proposed project, and it is not certain the project would be undertaken without <br />the assistance requested herein. <br />The Company will, to the extent practicable, exercise its best efforts to <br />target employment opportunities created by the project to qualified individuals who <br />are unemployed or economically disadvantaged as contemplated in Laws of Minnesota <br />1983, Chapter 289, Section 113. <br />We have heretofore agreed and do hereby reaffirm that we will pay any and <br />all costs mutually agreed upon in advance that are incurred by the City in con- <br />nection with the project whether or not the project is completed and whether or <br />not the project is ultimately financed by the City under the Municipal Industrial <br />Development Act. In this regard we understand that though we are liable for the <br />fees of the City's attorney and its bond counsel, they will continue to owe a <br />fiduciary obligation solely to the City with respect to all services rendered in <br />connection with this proposal. <br />Very truly yours, <br />Enclosure <br />J <br />