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~EC--05--97 83:28 PR PELSTRIN~O1 550~221 P. 02 <br /> <br />PE:LSTRING CAPITAL CORPORATION <br /> <br />4205 L:,ncaster Lane North .a~$uite I I00~ Minneapolis. ,',IN 554.41 <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Perry Coonc¢, Minnesota Sports Federation <br />Pat Klaers, City Administrator, City of Elk River <br /> <br />Patrick P¢Istring, Pelstring Capital Corporation <br /> <br />December 3, 199'7 <br /> <br />Department of Finance/State Bonding <br /> <br />I wanted to provide a summary of my discussions regarding the response from the <br />Department of Finance to our submission of the Minnesota Sports Federation/City of Elk <br />River project. In general, there are two broad areas of review which need to be addressed <br />over the next 60 to 90 days. I have separated these areas for review in this memo. <br /> <br />DEPARTMENT OF FINANCE SUBMIITAL <br /> <br />I had a lengthy conversation with Lee Mehrkens regarding the scoring and questions <br />raised by the Department of Finance to the submission. Their initial response raised <br />four issues which, in general, should be addressed, Our application meets three out of <br />the four requirements. We have not however, completed the "pre design" as requested <br />by the Department of Finance. <br /> <br />Mr. Mehrkens verified that the "pre design" does not need to be completed by Friday, <br />December ~5. Instead. they would request that the pre design be completed and be <br />submitted to the Department of Administration prior to legislative hearings beginning in <br />late January or early February. After discussions with Mr. Mehrkens. he was <br />favorably impressed with the level et'design and project costing completed to date. <br />Further follow-up on this issue needs to be co~ducted with Wes Chapman at thc <br />Department of Administration. <br /> <br />Mr. Mchrkens strongly suggested thn~ ~lle whole process for seeking state bonding has <br />moved beyond thc original legislative intcnl. Thc legislature hits determined to fund a <br />number of projects, which do no~ rcceix ~ Del~artmcnt et' finance/Governor Carlson's <br />recommenclo, tions. Their analysis i.,, ti~:d to ~.r¢ traditional criteria and tt~¢y expect to <br />officially "recommend" only a small pcr,.'entagc of the S~00.000.000 of submittals. As <br /> <br /> ~612) 550-7980 =,~ 800-642-625g ~. ~612~ $50-9221 Fax r~a pelstring@earthlink.net <br /> <br /> <br />