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1,AH orirICES <br />AND k�C�A�ti <br />pgOFES$IONRT- AS5OC1AT1O- <br />I;LO:a Fj%tST N/,TIo\.eL BAtVX( HUILOINQ <br />t' <br />SAX*-;T I-:'NESo,rA rOW1 <br />r4 <br />rEL>;�xo�1: �a1•�l �.cl-r�x� <br />T4LESOPIER "3121 i 2� :b071 <br />_J <br />-jNcyUDTNQ THY, FCR:dBR "% M 411 <br />LEVITT, P-�I?rSF.it. F30ti �`-V, B�J7Di �1 & SH'13E <br />March 22, 1990 <br />s; <br />VIA FACSIMI:11E <br />Nir.. Craig Waldron <br />s <br />Ci.ty of Roseville <br />2660 Civic Center Drive <br />Roseville, r3inriesota 55113 <br />r <br />RE: Subordination Agreement for Lexington <br />ShQ es Liurited Partnersh_���___ -- <br />Dear Craig: <br />me whether the City Can sign the ;�u,.: <br />You have asked <br />meat with TCF Dank Savingsthe "Lender_") pr -pa ed <br />147Y�� Tl Sr C)' ,�,�. <br />b Lexington t�I T'='rt� <br />b Y <br />rca�' the shopping center to be uilt <br />The City is subord in��i�;_.;�� <br />Partnership (the "BorrQwpr"). ,3 <br />d its rettti, ses Those inter t S <br />F • - „_ <br />in the shopping center an , ,,T , : <br />Agreement with Lexington A .i�-1;. :1t.L Y: i1 <br />created by the DeVeLapmet�t <br />(the "Developer" a11cl Charge ,7 • �?��i.�_i.'�1j <br />Limited Partnerslii_p <br />(the "Owner"). <br />Subordination .greement . `i'!"i.is. , �t11c,�, �3.i ti,r i <br />the Subox <br />•s['� <br />The City ran sign �- ,- ,E:ta�.�ai.. <br />ape rf orman� e app� Qach. that d if f e.r•� s �t� <br />z!. rF:�ement. is part of is wil_I�,�-aq t_c� <br />Development Agreement, but the, City <br />:n the <br />t;t it different approach. <br />I've reviewed the Subo rdina� ion Agreement and the alp.`•%�' to>,ttr z. t. <br />Agreement, and talked with you aboutnthwi ltb�sam � dcdJ t0� <br />Agreement <br />i under -Aland the Development <br />value will be acceptat,�_�', «�r�i <br />its va <br />1,� <br />this smaller project since <br />G <br />this faci it} by the Borrower 1S �r•{•r;pt rl t."! <br />that the building of as <br />City' s intent_ to o r <br />i�onsPtort.erpayntE <br />in :i ght of the nt. <br />duties wl-l�.ch are Condit <br />A11 performance the �jmc.r�..,.:t <br />rest with the Dev<�loper Una <br />tax increment will <br />Development Agreement. <br />appropriate to this C c�.c rtra n c e <br />The ;;ubordiriation Agree�rlent i � p <br />approach, even though it is more si.gnifi.cant than what the CitY <br />K'p <br />promises to approve in the Development Agreement. This subor-di.rat�on <br />e4W IDS C MBU <br />MNAL WXIC SUILDYNO a n-NZmp0I1S,-AMNYSSOU 15Wa <br />f_YU ITN 1, OULD rR^DE CL7'l)'A • .i 1 1. t. L, Itrgy:P.;SUTs t61(i1 <br />iDla`) faQ Oa9i <br />$A1=•t7 1`.e�G'L, Kry;.:A;40TA GlS:OI _ i,314) U91-12flS . <br />g71£1 R01 12115 <br />