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r <br />MEMO TO: MAYOR AND CITY COUNCIL <br />FROM: CLERK -ADMINISTRATOR <br />DATE: SEPTEMBER 9, 1988 <br />SUBJECT: MOUNDS VIEW BUSINESS PARK LAND BUY -DOWN <br />The City of Mounds View has received formal request from <br />Everest Development for the buy -down of the land on which <br />Building A, the Clinch -On Building, was constructed which is <br />known as Lot 1, Block 1, Mounds View Business Park. Based <br />upon the computations called for in the Contract for Private <br />Redevelopment which were reviewed and -agreed to by <br />representatives of Everest Development. The City's buy -down <br />for this parcel of land computes to be $451,201 as compared <br />to the purchase price of this land which was $497,627. I <br />have reviewed these computations with our tax increment <br />attorney, Mr. Bob Dieke, and our fiscal consultant, Mr. Ron <br />Langness, whc have agreed with the computations and their <br />methodology. Based on these computations Staff would <br />recommend the Council authorize payment of $451,201 to <br />Everest Development reflecting the land buy -down for Lot 1, <br />Block 1, Mounds View Business Park as provided for in <br />Section 3.9 (b), (I-VII) of the Contract for Private <br />Redevelopment by and between the City of Mounds View, <br />Everest Development Ltd., and Commercial Property <br />Investments, Inc. dated January 11, 1988. <br />DFP/mjs <br />