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11 First Trust <br /> • <br /> First Bank Place East <br /> P.O.Box A55 <br /> Minneapolis,MN 55480 <br /> October 5, 1990 <br /> Housing and Redevelopment <br /> Authority of St. Anthony, Minnesota <br /> 3301 Silver Lake Road <br /> St. Anthony, Minnesota 55418 <br /> Attention: Lois Davis, Executive Director <br /> Re: $6, 350, 000 City of St. Anthony, Minnesota <br /> Multifamily Housing Revenue Bonds <br /> (St. Anthony Nursing Home Project) Series 1985 <br /> Dear Ms. Davis: <br /> Pursuant to Section 6. 1 of the Development Agreement, the <br /> Agency shall, from time to time, advance the actual tax <br /> increment payments of the Tax Increment Loan to the Trustee <br /> for deposit in the Reserve Fund, excluding the first $25,000. <br /> These deposits shall continue until the aggregate principal <br /> amount provided by the Agency for deposit in the Reserve Fund <br /> equals $700,000. Thereafter, the Partnership will maintain <br /> • the Reserve Fund balance according to Section 3.3(b) of the <br /> Loan Agreement. <br /> From my conversation with Joe Guertin, the next tax payment is <br /> due October 15th for approximately $79, 694.54. Please remit <br /> payment to First Trust at: <br /> First Trust National Association <br /> 200 South Sixth Street <br /> 10th Floor <br /> Minneapolis, MN 55402 <br /> Attn: Nancy Drees <br /> Thank you for your assistance. Should you have any questions, <br /> please call me at 370-4875. <br /> . Sincerely <br /> Nancy R. rees <br /> Assistant Vice President <br /> cc: Sage Company <br /> 1712 Hopkins Crossroad <br /> Minnetonka, Minnesota 55343 <br /> • Attention: Joseph L. Guertin <br /> #20504 <br /> WPP/WB-2/ND8 <br /> Member First Bank Syslem <br />