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BRIGGS AND <br /> <br />2200 FIRST NATIONAL BANK BUILDING <br />332 MINNESOTA STREET <br /> SAINT PAUL, MINNESOTA 55101 <br /> TELEPHONE (6511 808-6600 <br /> FACSIMILE (65l) 808-6450 <br /> <br />PROFESSIONAL ASSOCIATION <br /> <br />March 2, 2004 <br /> <br />WRITER'S DIRECT DDLL <br /> (651) 808-6620 <br /> <br /> WRITER'S E-MAIL <br />mippel~briggs.com <br /> <br />VIA E-MAIL <br /> <br />Cathy Mehelich <br />Community Development Director <br />Elk River City Hall <br />13065 Orono Parkway <br />Elk River, MN 55330-5600 <br /> <br />Dear Cathy: <br /> <br /> I have reviewed the Contract for Private Redevelopment by and between the Economic <br />Development Authority in and for the City of Elk River and Associated Investors of Elk River, <br />Inc., Fischer Sand & Aggregate, LLP, and Elk River Business Park, LLC dated July 30, 1999 <br />(the "Contract"). The Contract reimburses Associated Investors of Elk River, Inc. from tax <br />increments derived from Tax Increment Financing District No. 19 for a portion of the costs of <br />acquiring, clearing and preparing the land (the "Reimbursable Redevelopment Costs") related to <br />the development of approximately 250,000 square feet of commercial retail building space (the <br />"Shopping Center Project"). The Contract provides that Associated Investors of Elk River, Inc. <br />will be reimbursed for the Reimbursable Redevelopment Costs for the Shopping Center Project <br />based upon an annual schedule of completed light industrial building space to be developed on <br />business park property described in the Contract. <br /> <br /> In addition, the Contract provides that the City will be reimbursed from tax increments <br />derived from Tax Increment Financing District No. 19 for public improvement costs related to <br />the development of the Shopping Center Project. <br /> <br /> Because tax increments derived from Tax Increment Financing District No. 19 have not <br />been used to reimburse for costs associated with the Business Park Project as defined in the <br />Contract, the City is not precluded by the Contract from reimbursing a business locating in the <br />Business Park Project for eligible costs of a manufacturing or warehouse and distribution facility <br />in the Business Park Project; provided that a new tax increment financing district is established <br />and the applicable provisions of the tax increment financing law are complied with. <br /> <br />1623789vl <br /> <br /> MINNEAPOLIS OFFICE · IDS CENTER · WWW.BRIGGS.COM <br />MEMBER - LEX MUNDI, A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIP,5{S <br /> <br /> <br />