Laserfiche WebLink
<br />----- 6126360183 ElJEREST GROUR . 282 R01 MAY 05 '95 14:55 <br /> I <br /> -~ <br /> - ----. <br /> .1 <br /> EVERE:'I DEVELOPMENT LTD I <br />May 5, 1995 AMIMllll.:<it 1l1l1VlI<l.I"1 ~;"''t ~11'11I) <br /> VIA FACSIMILE I <br /> AND REGULAR MAIL <br />Brian Fritsinger, City Administrator I <br />Temmce R. Post, Finance Director <br />Mayor and City Council I <br />CITY OF ARDEN 'R'TT T S <br />1450 West Highway 96 <br />Arden Hills, MN 55112-5794 I <br />Fax #633-7839 <br />Re: Arden Hills Gateway Business District I <br />Dear Brian, Terry, Mayor Probst and Council Members: I <br />We are writing to cOnfirm our interest in proceeding to negotiate a development <br />agreement onder which, per the City's proposal, the taX increment generated by the .. <br />project would be allocated to the developer's documented qualifying redevelopment <br />costs to the point that the net usable land cost per square foot is reduced to $0.90, with <br />any additional potential taX increment to be split equally between the City and Everest. I <br />In consideration of the project's risk and capital requirements, our investor has <br />somewhat reluctantly come to agreement with the City's proposal for the SO.9O TIP I <br />cap, and we trust and hope that the City appm:iates the significance of this concession. <br />There are obviously a number of important sub-issues concerning the project which we <br />will need to talk through and reach agreement on. We request that the City Council I <br />authorize its staff and consultants to negotiate these issues with Everest, with the goal <br />of establishing the complete framework for an overall development agreement. <br />We are prepared to proceed with this project and the negotiation of a development I <br />agreement at the City's earliest convenience. Thank you for your consideration. <br />Sincerely, I <br />EVEREST DEVELOPMENT, LTD. <br />gb~ I <br /> I <br />TJN:lc <br /> 16Wi I ollg Llke Rilcld .. <br /> 1).0. lio~ 1 mr l~() . ROM,-vi!ie. MN S.') 11 ~ <br /> (,I2j(),ll,-.).'il)lf f ,1)(: (tIll) 6_ih \,1183 <br /> .. I <br />