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DORSEY & WHITNEY <br /> • A Psare+ee$NIP 1NCLQOINO P--1 .1 -CO-Po­ <br /> 350 PARK AVENUE 2200 FIRST BANK PLACE EAST 340 FIRST NATIONAL BANK BUILDING <br /> NEW YORK,NEW YOBS 1002E MINNEAPOLIS MINNESOTA 55402 ROCHESTER,MINNESOTA 35903 <br /> (212)415-9200 i (507)288-3156 <br /> 1330 CONNECTICUT AVENUE,N.W. (612) 340-2600 315 FIRST NATIONAL BANK BUILDING <br /> WASHINGTON,D.C.20036 TELEX 29-0605 WAYZATA,MINNESOTA 55391 <br /> (L-02)857-0700 PAX(612)340-2868 (612)475-0373 <br /> 3 ORACECHURCH STREET 1200 FIRST INTERSTATE CENTER <br /> LONDON BC3V OAT,ENGLAND BILLINGS,MONTANA 59103 <br /> 01-929-3334 (406)232-3800 <br /> 36,RUE TRONCHET 201 DAVIDSON BUILDING <br /> 75009 PARIS,FRANCE WILLIAM R. SOTH, P.A. GREAT FALLS,MONTANA 59401 <br /> 01-42-66-59-49 (612) 340-2969 (406)727-3632 <br /> PAR EAST FINANCE CENTER 127 EAST FRONT STREET <br /> HONG KONG MISSOULA.,MONTANA 59802 <br /> 852-5-8612555 March 22 , 1990 (406)721-6025 <br /> Mr . Thomas D. Burt <br /> Executive Director <br /> Housing and Redevelopment Authority <br /> of St. Anthony, Minnesota <br /> 3301 Silver Lake Road <br /> Minneapolis, Minnesota 55418 <br /> Re: LaNel Request for Additional Financial <br /> Assistance <br /> • Dear Tom: <br /> I have reviewed the letter of March 16, 1990 <br /> to Clarence Ranallo from Paul Brewer regarding the request <br /> for additional financial assistance using the tax increment <br /> funds . As I have indicated in the past, I have concerns <br /> about the propriety of granting such assistance and about <br /> the precedent that this might set. I am also concerned <br /> about potential claims from others that they should be <br /> given similar assistance. <br /> Although it may be possible to devise some means <br /> of providing such additional financial assistance, the <br /> chief question is what public purpose would be served now <br /> that the project has been developed? As you know, the <br /> purpose of tax increment financing is to induce redevelopment <br /> of blighted properties and to encourage new development. <br /> That was done. Any financial assistance at this point <br /> would arguably be gratuitous financial assistance for the <br /> developer. This arguably would not be for public purposes . <br /> There is also 'the concern that other projects <br /> with tax increment financing would demand similar assistance. <br /> For example, I am sure that the Kenzington condominium <br /> owners would like to have their real estate taxes reduced <br /> . by any available tax increment funds. <br />