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October 14, 1987 <br />Mr. Gary Nordness <br />Rosewood Office Plaza <br />Suite 300 South <br />1711 West County B <br />Roseville, MN 55113 <br />Dear Gary: <br />The following represents the basic approach that the City is <br />proposing with respect -to your development on 35W and Highway 36. <br />I should point out that the items depicted herein do not reflect <br />a final position taken by the City, but simply depicts the basic <br />approach that -the City finds the most reasonable, subject to <br />future negotiations: <br />1. The $3 million in upfront improvements would be financed on <br />the site through one hundred percent special assessment. <br />However, if the required development was to occur and thus <br />was available to offset the special assessment cost, the tax <br />increment funds would then be utilized. This approach <br />includes the potential of the parking ramp that would be <br />owned by the City and leased back to Rosewood. In the event <br />that increments were not forthcoming, the City would exercise <br />the special assessments and eventually the guarantee, .if <br />needed. <br />2. The City would require a Letter of Credit or a comparable <br />instrument for five years of debt service. This implies the <br />usual guarantee for the tax increment. <br />3. Assessment agreements relating to the construction value <br />would be required. <br />4. An additional $4 million in funds would be returned to Rose- <br />wood on a pay as you go basis if the required construction <br />and increment were available above and beyond the $3 million <br />bond issue. <br />2660 C1V[(: CENTER DRIVE • RO�+1�,�'11.[�[; a,l[\\`F,�O"l:1. 55113 •612-484-3.371 <br />