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-7y <br /> PUBLIC RESOURCE <br /> GROUP, INC. <br /> January 25, 1996 Business Development &Finance Specialists <br /> Mr. Mike Mornson <br /> ? City Administrator <br /> City of St. Anthony <br /> 3301 Silver Lake Road <br /> St. Anthony, MN 55418 <br /> Re: Apache Plaza <br /> Dear Mr. Mornson: <br /> As you are aware, Ste. Marie Company has been working directly with a number of <br /> potential users for the redevelopment of the Apache Plaza site. An agreement has <br /> been reached with SuperValu/Cub Foods to proceed with construction of a 75,200 <br /> square foot store, subject to the City's tax increment financing package. <br /> At this time, it is premature to firmly suggest the exact nature of the redevelopment <br /> of the balance of the site. For this reason, Ste. Marie Company and SuperValu would <br /> like to proceed with this first phase based upon up-front assistance, directly tied to <br /> this project. As such, this request should be considered as a "stand alone" project and <br /> we will work with you on future phases as we receive commitments. <br /> PHASE ONE TIF FINANCING REQUEST <br /> The Ste. Marie Company/SuperValu TIF request is based upon the following <br /> assumptions: <br /> 1. Ste. Marie Company will be conducting the redevelopment of the north <br /> part of the mall including asbestos removal, demolition (including sports <br /> center building), site redevelopment, mall reconstruction per the <br /> preliminary site plan and plat, as reviewed with the city. <br /> 2. SuperValu/Cub Store agrees to construct a 75,200 square foot store on <br /> the site at an estimated future market value of $4,500,000. <br /> i <br /> 4205 Lancaster Lane North ♦Suite 1100 ♦Minneapolis, Minnesota 55441 ♦(612) 550-7979 ♦(612) 550-9221 Fax <br />