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� Brddford Schools, Inc. 1 June 8, 1989 1 Mr. Craig Waldron Director of Community Development City of Roseville 2660 Civic Center Drive Roseville, MN 55113 Dear Craig: Please regard this as a formal request for Tax -Increment Financing for our proposed project. The basis of our request is to make required soils corrections on the buildings and the site, thereby allowing us to construct f the Minneapolis$ As a parking necessary andacceplege. result of our negotiations, I understand t your requirements that this be in the form of a "pay as you go" arrangement for a period of ten (10) years at $55,00o per year. of approximately This will result in a total net present value the cost of the soils corrections which we $330,000, roughly require. I cannot overemphasize the importance of this assistance for our project. Based on our most recent analysis, it has become clear that this project cannot go forward without Tax Increment Financing. If not for this assistance, we will regrettably abandon the project. As you know, we have invested much time and energy into findir+g a permanent home for this school. it is my hope that we can make that an ongoing this a reality here in Roseville. I believe as to the community. We have institution we are an Basset demonstrated our commitment to our sti-Dents over the years, and consistently strive to deliver the best educational skills and facilities possible. our presence in this proposed facility shouldreflect well on the City of Roseville, provide us with a stronger market position and make us a permanent member of the community. Other benefits to the city should also be noted. Minneapolis Business College will not only employ a staff of 45-60 people, but will also create jobs through training and placement of our students on an ongoing basis. 1