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<br />Kevin Ringwald <br />October 7, 1997 <br />Page 2 <br />. <br /> In addition, attached hereto is a memo I received today outlining the description of the recently <br /> determined extraordinary soil correction work from our Project Superintendent, Jim Todd. <br /> Specificaliy, the (Bel Air) numbers are as foliows: <br /> Totai Soil Correction Costs on Lots 1,2 and 3 $272,000 <br /> Totai Portion of the Above Soil Correction Work <br /> which will take place on the Phase III Property $172,000 <br /> Therefore, it appears that at least $172,000 out of the total request of $250,000 ought to be tax <br /> exempt under state law, but I will leave that to you and your experts. <br /> Again, I want to reemphasize how much I appreciate the partnership we are experiencing in the <br /> development of this property, and reemphasize the absolute necessity of this aspect of the tax <br /> increment plan for unforeseen unacceptable soils conditions, primarily on the City's own <br /> property. <br />. RHZ:so <br />. <br />f:lo.levelop'd.l:'Jm\lU\tiflgwalddo.: <br />