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MEMO TO: MAYOR AND CITY COUNCI <br />FROM: CLERK -ADMINISTRATOR .\ <br />DATE: MARCH 15, 1989 l/ \ <br />SUBJECT: MOUNDS VIEW BUSINESS PARK SOUTH TAX INCREMENT <br />FINANCING <br />As I indicated in my March 13th Administrative Newsletter, <br />I met with Representatives of Everest Development on the <br />afternoon of Friday, March loth to discuss with them their <br />requcst for tax increment financing assistance in the Mounds <br />View :isinecs Park South project. <br />At that time, I advised Bill Franke and Mr. Allan Anderson <br />of Everest that the City Council had indicated to me that <br />you wished not to provide any assistance to Everest in the <br />form of land -buy down, Needless to say, Messrs. Franke and <br />Anderson were somewhat disappointed in hearing this and <br />Mr. Franke requested that he be scheduled to appear before <br />the City Council and appeal his case to you. I advised <br />Mr. Franke that the matter would be placed on the March 20th <br />Agenda Session agenda and requested additional information <br />from his firm regarding the issuance of bonds. Specifi- <br />cally, I requested that Mr. Franke provide me with an <br />analysis of the funds that would be rude available for the <br />project should the bond issue be limited to a term of 8 <br />years, as is the case for economic development projects <br />rather than the 15 years allowed for redevelopment <br />projects. It was my thought that making this project an <br />economic development project wcuid limit the City's costs <br />and might be an option that you may wish to consider. <br />Attached please find a printout dated March .10, 1989 which <br />shows that $1,720,911 could be made available for a redevel- <br />opment project with a bond issue of 10 1/2 years. Also <br />attached is a printout dated March 9, 1989 for an economic <br />development project showing that $1,284,531 could be made <br />available for such a project with a bond issue of 8 years. <br />Everest has indicated that their total costs for the project <br />are projected to be $1,830,000. <br />Should you require any additional information from me prior <br />to the March 20th Agenda Session regarding this matter, <br />please do not hesitate to let me know and I will attempt to <br />comply wit}. you: request at the earlies'. possible date. <br />DFP/MJS <br />Attachments: <br />