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SPRINGSTED <br />® d PUBLIC FINANCE ADVISORS <br />..� 85 East Sevenlh Place. Suite 100 <br />( Samt Pa�1, Y-nnescla 5510L2141 <br />6122233000 <br />FAX 612-223.3002 <br />December 10, 1987 <br />Mayor Jerry Linke <br />Members, City Council <br />Mr. Donald H. Pouley, Clerk -Administrator <br />Mounds View City Hall <br />2401 Highway 10 <br />S :int Paul, MN 55112 <br />RE: Recommendations for the Issuance of $6,000,000 Taxable General Obligation <br />Tax Increment Bonds, Series 1988A <br />We respectfully request your consideration of our recommendations for the <br />issuance of these bards in accordance with the attached "Official Terms of <br />Offering." (Appendix III). Proceeds of the bond issue will be used to assist the <br />Everest Development, Ltd. project within the Mounds View Business Park. On <br />September 2?, 1986, the City adopted its Development District Nit. 2 plan and tax <br />increment financi plan, both relating to it:' project. All of the necessary <br />permits have been received and the terms of t;. contract with the developer have <br />been agreed upon so that the City is now at the point of being able to enter into <br />the contract for private redevelopment with the company for this project. The <br />terms of this contract for the redevelopment cal! for the development of the <br />oroject, consisting of three phases of construction. The first phase, to be <br />completed during 1988, consists -' a 121,320 square foot light industrial building <br />and a 58,000 square foot office/service building. The second phase, to be <br />completed in 1989, consist- :)f a 308,200 square foot light industrial building. The <br />third phase, to be completed in 1990, c,)nsists of o 69,000 square foot light <br />industrial building, a 52,800 office/service building, and a 6,000 square foot <br />restaurant. <br />The contract for private redevelopment calls for the City to issue its general <br />obligation bonds in on amount not to exceed $6:000,000. The composition of the <br />bond rssue includes the following: <br />Public Improvements <br />$1,426,532 <br />Land Acquisitioti <br />2,622,468 <br />Capitalized Interest (estimated) <br />1,6511,000 <br />Bond Discount <br />90,000 <br />City Administrative and Costs of Issuance <br />210,00 <br />Total Bond Issue $6,000,000 <br />Note: The Public Improvements portion will be adjusted to reflect actucl costs and <br />available monies, including investment earnings from bond proceeds. <br />Indiana Office VAscons:n CfLce. <br />251 Noon Ilbno,s Street. Sucre 1510 500 Elm Grove Read. Sane 101 <br />Indanapobs, Ind.'Ina 46204.19.2 Elm Grove, w,consn 53122.0037 <br />317231.3636 414-782.8222 <br />Fax 311-237,3639 Fax 41-782-2904 <br />