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Page 2 of 3 <br /> • City of St. Anthony Village, Minnesota <br /> Line of Credit <br /> October 2003 <br /> City: City of St.Anthony Village ("City") <br /> Rating of City: Long-term General Obligation Bonds Rated"Al" by Moody's Investment <br /> Services ('Moody's") on 09/18/03 <br /> Type of Financing: Non-revolving line of credit ("Loan") <br /> Loan Amount: $3,350,000 <br /> Maturity: 36 months;no advances during the final six months of the Loan. <br /> Tax Status: Taxable <br /> Use of Proceeds: The City will use the proceeds of the Loan to acquire property for the <br /> Apache Plaza/Northwest Quadrant Redevelopment. <br /> Projects Eligible <br /> For Funding: All funds will be used for costs and expenses incurred in connection with the <br /> acquisition of property in the Apache Plaza/Northwest Quadrant <br /> Redevelopment Area to be used for the development of for-sale townhomes <br /> and flats. Closing costs associated with the Loan are also eligible uses. <br /> Interest Rate: Variable interest rate based on 3 month LIBOR(as published in The ball <br /> Street Journa� + 175 basis points. The initial interest rate will be set on the <br /> closing date. <br /> Interest Rate Reset: Interest rate will be reset quarterly on the first day of each calendar quarter <br /> (January 1,April 1,July 1,and October 1). <br /> Interest Payment: Quarterly payments of interest to be paid in arrears on the first day of each <br /> calendar quarter and calculated on an actual/360 basis. <br /> • <br /> "This term sheet is provided solely as a basis for discussion and is subject to change;it should <br /> not be construed as a binding commitment,but merely presented for review and consideration.— <br />