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July 27, 2000 <br /> Preliminary and Final Development Plan <br /> EXHIBIT B <br /> SUPPLEMENT TO <br /> HILLCREST DEVELOPMENT LIMITED PARTNERSHIP <br /> PUD APPLICATION TO <br /> CITY OF ST. ANTHONY <br /> 1. Introduction <br /> The Applicant specializes in renovation of post and pre-World War II buildings <br /> throughout the metropolitan area to suit its clients' needs for office, high technology office, <br /> warehousing, light assembly, biotechnology-medical research, manufacturing and other <br /> commercial purposes. <br /> A copy of the Applicant's brochure was attached to the June 12, 2000 Draft of the <br /> Preliminary Concept Plan Application as Exhibit H. It is not attached to this Application. The <br /> Brochure provides examples of the quality of the Applicant's other projects and the general <br /> concept of how the Applicant intends to redevelop and renovate the subject property. <br /> The brochure is included for informational purposes only. While the quality of the <br /> redevelopment and renovation of the subject property will equal the projects in the brochure, the <br /> actual renovation and redevelopment must be tailored to the existing structure and the nature of <br /> the tenants. <br /> This Supplement to the Applicant's PUD Application sets out the Applicant's (i intended <br /> and preferred plan for the development of the subject property, that is high-technology <br /> office/development, office warehouse and printing facilities, and accessory uses (with some <br /> interim warehousing/distribution uses ("Preferred Plan") and (ii) a fallback plan, should the <br /> Preferred Plan be unsuccessful. The fallback plan includes certain non-office uses described in <br /> Exhibit A ("Fallback Plan"). While Exhibit A lists the permitted uses under either the Preferred <br /> Plan or the Fallback Plan, most of the non-office uses are reserved for the Fallback Plan or will <br /> be interim uses. <br /> A copy of the Site Plan of the property is attached hereto as Exhibit B. <br /> The Preferred Plan is the basis for the projected increase in real estate taxes to be <br /> generated by the subject Property, and the Applicant's receipt of tax increment, as set forth in <br /> that certain Redevelopment Agreement dated <br /> The Redevelopment Agreement calls for the Applicant to receive over $4,000,000 in Tax <br /> Increment Financing ("TIF Proceeds"). The TIF Proceeds will not be paid to the Applicant <br />