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• Page 2 <br /> April 9, 2002 <br /> It is our understanding that St. Anthony Village purchased the property with TIF generated <br /> revenue from an approved budget within an existing pre-1990 district to assist this project. <br /> Based on this information Ehlers recommends the following: <br /> 1. The Business Subsidy Statutes (I 16J.993 Subd.3.17)provides that financial assistance is <br /> not a subsidy when the recipients's investment in the purchase of the site and in site <br /> preparation is 70% or more of the assessor's current estimated market value(EMV). The <br /> site includes two parcels. The combined EMV for the parcels is $372,100. The <br /> investment to purchase and prepare the site clearly exceed 70% of this value. Therefore, <br /> the assistance provided would not be subject to the Business Subsidy Statutes. <br /> 2. Culver's is responsible for demolition of the Hardee's building. <br /> 3. The agreement recording the assistance should include a requirement that Culver's <br /> document the expenses including acquisition, demolition and environmental clean up, <br /> 4. If the property is sold within one year the full amount of the assistance shall be repaid to <br /> the City. <br /> 5. In order for the owner to secure construction financing it will be necessary to convey the <br /> • land prior to building completion. Therefore, the agreement conveying the land should <br /> include some type of security to assure building completion. <br /> I <br /> • <br />