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LaNel LN Finonciol Group, Inc. 4601 Excelsior Blvd., Suite 651 Minneopolis, MN 55416 (612) 920-0400 March 16, 1990 Mr. Clarence Ranallo 2504-34th Avenue N .E. St . Anthony , MN 55418 Dear Clarence : Frank and I appreciate the time that you have taken to meet with us and constructively deal with an issue that we all recognize as being very serious . As I look back on the history of developing Autumn Woods, the financial structure of that project was always of great concern and in fact the reason that several other developers were unable to be successful . • From the very beginning , we were concerned that we could build a quality project at affordable rents to meet the needs of the residents of St . Anthony and spent a lot of time with the city in putting together the Development Agreement . All during this time , a $1 , 200 per unit real estate tax number was used in our projections for financing and investors . Please remember that this number was given to us through your financial consultant . That financial projection allowed us to obtain financing and success in getting the project built . Had it not been for tax increment financing , the City 's long term desire to renovate and rehabilitate that area would never have occurred . A very positive side effect can be seen in the shopping center adjacent to Autumn Woods . As we have repeatedly stressed, we cannot allow real estate taxes destroy what we all have worked so hard to achieve . As can be seen through the Kenzington, how a development starts will have a tremendous effect on how it operates. What we want today and hopefully will have for many years to come is a high quality rental housing facility that the city and area residents can be extremely proud of and a place for those people who wish to sell their homes and remain in the community to live.