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d <br /> iq <br /> THE EVEREST <br /> October 20t 1993 <br /> Mr a Rick Jopke <br /> Assistant Community Development <br /> Director <br /> City of Roseville <br /> 2660 Civic Center Drive <br /> Roseville, MN 55113 <br /> Dear Rick: <br /> Over the last six years l we have provided a letter of credit <br /> as required by the Development Agreement covering the <br /> � - <br /> Rosedale Corporate plaza project. In light of our <br /> performance of all requirements of the Development <br /> Agreement,? and the fact that seven years have passed since <br /> project commencement, we . respectfully propose that the <br /> � <br /> letter of credit requirement he eliminated* <br /> Beyond the risk associated with the construction period of <br /> assures payment of the <br /> the projects the letter of cr�dit p y� <br /> annual property tares on th6 project. The letter of credit <br /> p p <br /> is p <br /> .im ortant on a new project because the City must meet its <br /> obligation to meet the debt service requirements of the <br /> � project is <br /> related tax increment financing bonds. Until a pr <br /> mature, uncertainty remains over its success and therefore j <br /> the city is at risk. Please consider the following factors <br /> as evidence that the period of uncertainty has passed. <br /> a The project is complete and tenants occupy the spaces <br /> The project has been successful from the start and has <br /> attracted some key tenants to Roseville including the <br /> 14innesota state Iotterys The project has remained <br /> substantially leased up the last four years. <br /> With a relatively high occupancy level and a successful <br /> operation at the Comfort Inns nonpayment of real estate <br /> tares would be extremely unlikely as tenants pay for <br /> the real estate taxes as part of the Lease. <br /> t one Lake Roa d <br />