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.® <br />29 January 1985 <br />A Mr. James Andre <br />City of Roseville <br />® 2660 Civic Center Drive <br />Roseville, Minnesota 55113 <br />RE: ROSEVILLE ELDERLY HOUSING PROJECT <br />REDEVELOPMENT CONTRACT <br />Dear Mr. Andre: <br />This is written pursuant to a recent conversation between staff <br />of the Housing Alliance and staff of the City of Roseville <br />concerning a potential ambiquity existing in the proposed <br />redevelopment contract between the City of Roseville and the <br />Housing Alliance. The particular provision in question is found <br />in the last sentence of Section 6.1 of the redevelopment <br />contract. This letter is to clarify that the understanding of <br />the Housing Alliance is that this provision, which requires the <br />City to pledge tax increment from the development district <br />described in the contract to the payment of principal and <br />interest on the bonds, is not intended to prohibit the city from <br />using any excess tax increment for other eligible purposes <br />unrelated to this contract. By "excess tax increment" we mean <br />that portion of the tax increment which is in excess of the <br />amount needed to make principal and interest payments on the <br />bonds in tha t year. <br />If this is also your understanding, please sign where indicated <br />below and return one executed copy to the Housing Alliance. <br />Please contact me if you have any comments or questions. <br />AWAWW Sincerely, <br />MAW 1W <br />#HSING ALLIAN E,INC. <br />Housing Alliance <br />Elness <br />200 Butler North President <br />510 First Avenue North <br />Minneapolis, MN 55403 <br />vjl <br />612/339-6122 <br />Accep�W by the <br />By <br />By <br />of Roseville: <br />