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First Trust <br /> Firsl Trust Center <br /> P.O. <br /> P.O.Box 64111 <br /> St.Paul,MN 55164-0111 <br /> June 25, 1991 <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 ubutio reaches $700,000. Thereafter, the Partnership will <br /> maintain the Reserve uF nd balance according to Section 3.3(b) of the <br /> Loan Agreement. <br /> From my conversation with Joe Guertin, the next tax payment was due <br /> May 15th for approximately $109,847 .04. Therefore, I will be <br /> anticipating a check from the Agency for approximately $109,847 .04 <br /> upon receipt of the tax payment. Please send the payment to my <br /> attention 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 at 223-7608 or Elizabeth Vobach at 291-5067 . <br /> Sincerely, <br /> Pat Archambault <br /> Administrative Assistant <br /> to Elizabeth W. Vobach <br /> • (612)223-7608 <br /> 20504 <br /> 0228T/p5 <br /> Member First Bank System <br />