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Exhibit D <br /> "But For" Analysis <br /> The Company has clearly stated to the City that tax increment is necessary in order for <br /> this project to proceed. This is not a retail rental facility where the "but for" can be quantified <br /> through "with" and "without" lease rates. And,restaurant income projections are much more art <br /> than science, given that they are almost entirely dependent upon the public's reception of the <br /> facility and general economic times. <br /> Tax increment, in this case, is essential to getting the facility financed in the first <br /> instance. Even with the help of a Small Business Administration loan,the level of financing <br /> required to prompt the owners to proceed cannot be achieved without the assistance of the <br /> PAYGO note. <br /> There is attached a preliminary financing letter from Premier Bank of White Bear. <br /> 9 <br />