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<br />2j{>O C:'IIC C:fHEQ I'~I\'; <br /> <br />f6seville <br /> <br />I <br /> <br />"f'~ES01,3. ~<IJ <br /> <br />i JH Ii 'I f <br /> <br />'Y. .(.; J 7 : <br /> <br />i-larch 31" 1987 <br /> <br />Hr. B111 Franke <br />N1elsen Assoc1ates <br />2045 Rice Street <br />St. Paul, ~rn 55113 <br /> <br />Dear Bill: <br /> <br />I am wr~t~ng this letter with respect to your concerns relatlng <br />to the Letter of Credlt for the Hosedale Corporate project, and <br />the Ilmlt lt places on your ab111ty t~ borrow. At thlS pOlnt In <br />time, -the tax ~ncrem~nt dlstrlct 15 st.111 qUlte new; therefore, <br />the Clty wlll want to ~alntaln that Letter of Credit for a perlod <br />of time to properly ascertaln that tt.a dlstrlct lS meet-lng lts <br />goals. <br /> <br />Spcclfically wlth respect to your parcel, we wlll wa"t to sec <br />tha( the development 1S, 1ndeed, produclng the taxes as proposed <br />and ('ontlnll~S to do so for a number of years. At the t1me that <br />lt appedrs th~t the approprlate taxes wlll be generated over a <br />reasonable per10d of tlme, the Clty and Nlelsen can then negotlate <br />the Letter of Crcdltis duratlon. <br /> <br />S'c:;, (. UI~ <br /> <br /> <br />Cralg A. Waldron <br />Dlrector of Economlc Development <br /> <br />~ <br />