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Mehelich, Catherine <br /> <br />From: <br />Sent: <br />To: <br />Subject: <br /> <br />Sid Inman [sid@ehlers-inc.com] <br />Wednesday, June 02, 2004 9:31 AM <br />CMehelich@ci.elk-river.mn.us <br />Gradient Technology <br /> <br />I have reviewed the documents from Gradient Technology and have the <br />following comments. It is my understanding that your goal is to arrive <br />at a final land price that makes the land competitive with other <br />available land in other communities. The argument is that "But For" this <br />land price the project would not happen. Using the amount of the <br />abatement and Micro Loan you have reduced the net land price to achieve <br />this goal. In my opinion this meets the But For test. <br /> <br />Last, I noted that the total equity is over 16% which is over the <br />cities minimum. <br /> <br />Please let me know if you kave other questions. <br /> <br />Sid Inman - Senior Vice President <br />Ehlers and Associates Inc. <br />PH 651-697-8507 <br />FAX 651-697-8555 <br /> <br />This email has been scanned for all viruses by tke MessageLabs Email <br />Security System. <br /> <br /> <br />