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A <br />ERWIN A. PETERSON <br />ROBERT' C. BELL <br />WILLARD L, CONVERSE <br />ROGER A. JENSEN <br />KURTF. WALTHER <br />W. TIMOTHY MALCHOW <br />MARTIN J. COSTELLO, <br />JJAI�+ ES C. ERICKSON <br />DAVID S. ANDERSON <br />WILLJAM IM . DRINANE <br />PAMELA CONVERSE ZERIN <br />CAROL A. BAILDWIN <br />SCOTT B. CROSSIVIAN <br />DAVID, R. FENSKE <br />CAROLINE F. BELL <br />[ WAY&*] 91 z W*;Kel � <br />VMi <br />rETERSON. BELL CONVERSE & EN EN <br />T. PAUL, OFF'I E <br />2100 AMERICAN NATIONAL BANK BUILDING <br />101 EAST FIFTH STREET <br />ST, PAUL, MINNESOTA 551011 <br />TELEPHONE (612) 2244703 <br />FAX (612) 223-8070 <br />ROSEVILLE, OFFICE <br />27'80 NORTH SNELLING AVE,, SUITE 327 <br />ROSEVILLE, MININESO,TA 55113 <br />TELEPHONE (6112) 631-8489 <br />FAX (612) 631-2475 <br />Januariy 17, 1990 <br />Mr. Crla il g Waldrion <br />Direct►r/Eiconomic Development <br />City of Roseville <br />0 <br />2660 Civic centeir Drive <br />Roseville, MN 55113 <br />Re: CARLISLE APARTMENTS/HUD AGREEMENT <br />Our File No. 1,011, 19 <br />1 0 <br />rkear cra" A <br />u M a 0 <br />n NN-W- <br />ji 0 <br />Enicl,osied,is ciopy of Estoppel Letter which we have now received- <br />from David Stewart. We have asl�ed Mr% Manning to provide this <br />oiffice with a l,etter, clarifying the interest of The Tycon <br />complaniesi in this property. it is our understanding that that <br />c,ompans the managemien,t company for the Carlisle Apartments. <br />1i <br />This prop.,erty, bias been appraised as foillows: <br />There are existing debts as followsts <br />Contract for Deed,: -4'1,049,7712.27 <br />lei <br />a 26 1 602-,,90 <br />Interelsit on C/D <br />Improvement, Loans: 59,,500 1, 00 <br />151, 000. 00 <br />23,7199 �. 00 <br />$1,1174, 674.17 1 <br />leavi'ng' a, net equity, in the Carli'sle Apartments of $330,325.83 <br />The City of Roseville through HUD has agreed to loan the sum of <br />$150t000 to Rosehill (oiwner of Carll'.sle Apartments) for <br />rehiabilitatilon., Said Agreement states that the total <br />tments will <br />ex <br />not exceed <br />pre-isting debt of the Carlisle Apar <br />