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3� <br /> Mr. Michael Morrison • <br /> January 26, 1996 <br /> Page 2 <br /> If for some reason the refunding of tax exempt bonds is not possible, we will refinance the project <br /> on a taxable basis through the FHA/HUD Section 232 program. However, it is our desire to utilize <br /> tax-exempt bonds to obtain a slightly lower interest rate which allows the rents of Chandler Place <br /> to be more competitive especially with a growing number of senior housing projects in our primary <br /> market area. <br /> In connection with the tax increment loan payable to the City of St. Anthony, we are interested in <br /> prepaying this loan together with accrued interest net of that portion of the loan equal to the TIF <br /> eligible expenditures made in conjunction with original and proposed improvements. That portion <br /> of the TIF eligible expenditures would be paid to the Partnership as a reimbursement of those <br /> expenses. We estimate that this will result in a payment to the City of approximately $450,000. <br /> If you have any questions, please don't hesitate to call me. Thank you for your consideration. <br /> Yours truly, <br /> _J <br /> �Oseph L. Guertin <br /> General Manager <br /> Health Care Facilities <br /> JLG,� <br /> cc: Mr. Jerome Gilligan <br /> Dorsey & Whitney <br /> Pillsbury Center South <br /> 220 South Sixth Street <br /> Minneapolis, MN 55402 <br /> • <br /> S IHCAREICORRESPOILETTERSI199617401MORNSON LTR <br />