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<br />Kevin Ringwald <br />October 14, 1997 <br />Page 3 <br />. <br /> Therefore, as you can see, not only have our gross yields on these projects decreased over the last <br /> several months as a result of the additional requirements in connection with the reclamation of <br /> this land, we have also cut to the lowest possible level, the coverage of our internal overhead costs <br /> in connection with the project over the last two years. <br /> We are not making much money on these projects, bottom line. We need the City's help, and we <br /> believe that the combined projects suggested above, being the soils correction work in the amount <br /> of $250,000, together with additional exterior upgrades, would be an excellent package for <br /> recommendation to the Arden Hills City Council, particularly if financed and repaid through tax <br /> increments on these handsome new projects. <br /> RHZ:so <br />. <br />. <br />f:\developldz\Hrs\10\ringwaI2.doc <br />