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ARNOLD <br /> DEVELOPMENT <br /> July 20, 1995 <br /> Mr.Mike Mornson <br /> City Manager . <br /> St. Anthony Village <br /> 3301 Silver Lake Road <br /> St. Anthony, MN. 55418-1699 <br /> RE: The Arbors of St. Anthony . <br /> Dear Mr. Mornson: <br /> It is my understanding that you and the Mako/Olson group have reached a decision on how the <br /> Tax Increment Financing("TIF")payments will be made. I have been advised that the City will <br /> contribute the TIF payments on a staged basis as follows: <br /> 1. $70,000 at project closing. <br /> 2. $95,000 at the'completion of the site improvements, and <br /> 3...$95,,000 when 10-14 units have been constructed. <br /> It is my understanding that the payments will be made to ARNOLD Development and reimbursed <br /> to Mako. If this is your understanding, please let me know so that we may begin to prepare the <br /> Development Agreement. <br /> Sincere <br /> Arnie J. Gregory <br /> President <br /> cc: Judy Makowske <br /> Thirty-Six South Ninth Street <br />