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07/15/96 MON 16:30 FAX 16123402644 DORSEY WHITNEY 0 002 <br /> • MEMORANDUM <br /> TO: Michael Mornson <br /> FROM: Jerry Gilligan <br /> DATE: July 15, 1996 <br /> RE: Apache Plaza TIF Assistance <br /> Under the Agreement (the "TIF Assistance Agreement") dated April 1, <br /> 1996 by and among the St. Anthony HRA, the City of St. Anthony and Ste. Marie <br /> Company ("Ste. Marie"), the HRA agreed to pay Ste. Marie $1,800,000 to pay a <br /> portion of the purchase price to be paid by SUPERVALU to Ste. Marie for the CUB <br /> Foods Store site at Apache Plaza. The payment of such amount was contingent on <br /> the City issuing TIF Bonds and satisfaction of certain conditions. Upon payment of <br /> the $1,800,000 to Ste. Marie by the HRA, Ste. Marie is required by the TIF Assistance <br /> Agreement to make a $300,000-contribution to the City. <br /> • The TIF Bonds have now been issued and Ste. Marie Company has <br /> satisfied the other conditions in the TIF Assistance Agreement for the HRA's <br /> payment. <br /> I recommend that you meet with Mary Rothchild to exchange the <br /> appropriate checks. The HRA should deliver a check in the amount of $1,800,000 <br /> payable to Ste. Marie Company.or its order, and you should receive from Ste. Marie <br /> Company a check payable to the City in the amount of $300,000, plus the amount to <br /> be paid by Ste. Marie for any City and HRA expenses required to be reimbursed by <br /> Ste. Marie. The $300,000 contribution from Ste. Marie is to cover the estimated <br /> LGA/HACA loss to the City for.the Apache Plaza TIF District and should be <br /> segregated on the City's books and records in such a fashion so that it will not be <br /> treated as TTF proceeds. <br /> If you have any questions, please call me. <br /> JPG:cmn <br /> • <br /> DORSEY & WHITNEY LLP <br />