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First Trust <br /> First Trust Center <br /> P.O. Box 64111 <br /> St.Paul,MN 55164-0111 <br /> May 12, 1992 <br /> Housing & Redevelopment <br /> Authority of St. Anthony, Minnesota <br /> 3301 Silver Lake Road <br /> St. Anthony, MN 55418 <br /> Attn: Roger Larson <br /> SAGE Company <br /> 1712 Hopkins Crossroad <br /> Minnetonka, MN 55343 <br /> Attn: Melinda Seifert <br /> RE: $6,350,000 Multifamily Housing Revenue Bonds (St. Anthony <br /> Nursing Home Project) Series 1985, City of St. Anthony, Minnesota <br /> Dear Mr. Larson and Ms . Seifert: <br /> Pursuant to Section 6.1 of the Development Agreement , the Agency <br /> shall , from time to time, advance the principal of the Tax Increment <br /> Loan to the Trustee for deposit in the Reserve Fund, excluding the <br /> first $25,000. These deposits shall continue until the Reserve Fund <br /> contra uF tion reaches $700,000. Thereafter, the Partnership will <br /> maintain the Reserve un a ance according to Section 3.3(b) of the <br /> Loan Agreement. <br /> From my conversation with Joe Guertin, the next tax payment is due May <br /> 15th. However, only $8,986.09 is still owing to bring the deposits in <br /> the Reserve Fund to the required $700,000.00. Therefore, I will be <br /> anticipating a check from the Agency for approximately $8,986.09 upon <br /> receipt of the tax payment . Please send the payment to my attention <br /> at: <br /> First Trust National Association <br /> 180 East Fifth Street, 2nd Floor <br /> St. Paul , MN 55101 <br /> Attn: Pat Archambault <br /> Thank you for your assistance . Should you have any questions , please <br /> call me or Elizabeth Vobach at 291-5067 . <br /> P Arely <br /> rchambault <br /> Administrative Assistant <br /> to Elizabeth W. Vobach <br /> (612)223-7608 <br /> 20504 <br /> 0228T/p53ank System <br />