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MEMO TO: MAYOR AND CITY COUNCIL <br />FROM: CLERK -ADMINISTRATOR y� <br />DATE: FEBRUARY 9, 1989 -' <br />SUBJECT: BUILDING G (MULTI -TECH), MOUNDS VIEW BUSINESS <br />PARK <br />Building G occupied by Multi -Tech Systems in Mounds View <br />Business Park has been completed and a Certificate of <br />Occupancy issued. Pursuant to the provisions Of the <br />Contract for Private Redevelopment the City must r w issue a <br />Certificate of Completion and submit payment of the called <br />for land buv-down. <br />Prior to the buy -down occurring, the Developer must suooly <br />the City with Letters of Credit equal to, or exceeding <br />$356,000, As those Letters of Credit have not been <br />received, staff is recommending the Council authorize the <br />issuance of the Certificate of Completion and payment of <br />$329,020 in land buy -down from the Tax Increment Fund <br />contingent upon receipt of acceptable Letters of Credit. <br />All Letters of Credit will be reviewed and approved by the <br />City's Attorney for this project, Mr. Robert Di.eke. <br />DFP/MJS <br />ass <br />M <br />