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FEB-12-96 KION 11 :38 SAGE COMPANY FAX NO. 6125819348 <br /> • Owners-Usn"ers <br /> •RIISIDENTIALAPARTMWTS <br /> •HEALTH CARE FACILITIES <br /> •RETIREMENT CENTERS <br /> •COMMERCIAL PROPERTIES <br /> 3AC3 F. <br /> SAGE COMPANY <br /> February 9, 1996 PHONE(Qi2)6 1AA200 9 FAX(612)691-9848'MN as�o6 <br /> Mr.Michael lvlornson <br /> City Manager <br /> St Anthony Village <br /> 3301 Silver Lake Road <br /> St. Anthony,MN 55418-699 <br /> RE: City of St.Anthony Multi-Family Housing <br /> Revenue Bonds -$5,960,000 <br /> (St. Anthony Nursing Home Project/Chandler Place) <br /> • Dear Michael: <br /> As indicated in our January 26th letter, we intend to refund the above referenced Bf d Issue rth the is <br /> extend the term of the Bonds to December 1,2025. The purpose of this letter is o <br /> we have discussed with the City regarding the conditions under which the City will agree to <br /> cooperate with such a refunding transaction. We understand that the City staff will recommend that <br /> the City agree to the following terms and conditions. <br /> As you know,the City and St.Anthony Nursing Home Limited Partnership("Partnership')are the <br /> parties to a Development Agreement dated December 1, 1995 ("Agreement"). One aspect of the <br /> Agreement deals with a$700,000 loan from the City's Housing and Redevelopment Authority to <br /> the Partnership (the"TIF Loan'D. <br /> The terms we have discussed(which we would like the City to formally approve) are as follows: <br /> 1. The City will adopt appropriate resolutions <br /> to facilitate efunding at the earliest <br /> possible time and fully cooperate throughout process; <br /> 2. The Partnership will, at the closing of that refunding, pay the Obligee on the TIF <br /> Loan$500,000 plus either a Letter of Credit in the amount of$100,000("Letter of <br /> Credit')or an additional cash deposit of ��ec(rued inCash terest thereon.eposit) in xchange for <br /> We further <br /> • a full satisfaction of the TIF Loan together <br /> understand that all documentation relating to the TIF loan will be satisfied at closing. <br /> a wCARmoRRESPov.ErmRs%i oom74"ORNsON.WPO <br />