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P'ubliCORP INC* - <br />1612) 3 3 7 -9292 <br />410 PllLsb#JRy CENTER <br />Mjoir4Enpolis, MN 55402 <br />December 16, 1988 <br />Mr. Craig Waldron <br />Economic Development Dir. <br />City of Roseville <br />2660 Civic Centewr Drive <br />Roseville, MN 55113 <br />Dear Craig: <br />st <br />As per our discussion, the following is a formal req�eatefor <br />Tax Increment Assistance and attached are the approp <br />documents that you requested.. <br />Bradford Schools, is in the process of evaluating the <br />construction of a business on a site in Roseville. The <br />project would include the construction of twelve <br />for student housing, a 285 car on. grade parking and up to <br />17,000 square foot school building. The total estimated <br />project costs is about 3.4 million dollars. During the <br />evaluation of the construction it wa.3 determined that there <br />were some soil correction problems on the site <br />which <br />attached. a <br />net effect of increasing the land. costs. I have <br />copy of those estimates for your review. <br />Based on discussions with you regarding the Pay -As -You -Go <br />method, along with limitations in length and term of <br />the <br />run. We <br />district, we have prepared a Tax Increment cgs flow <br />have used the assumptions which you have provided us, along <br />will <br />" with a 12% present value rate. Since Bradford Sthatlsresent <br />have to borrow the money up front, we are using F <br />value amount to indicate the loan rate. Based on those <br />assumptions you will note that we are estimating that the Tax <br />Increment flow will provide about$250,000 of the $363,000 <br />needed. <br />Also attached are two proformas designed to just-fy the need <br />for assistance based on the affect on the return of the <br />project. It should be pointed out that this proforma differs <br />from the standard development proforma because Bradford <br />Schools is not a traditional developer and will not be <br />leasing space. Rather, they will be providing the spaces as <br />part of their school operation. With that in mind, in order <br />to accomplish the proforma, the process of "implied"i rents <br />.is <br />used. The rents per unit per square foot are <br />based on the cost of tuition and school expenses. <br />