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2200 FIRST NATIONAL BANK BUILDING <br /> 332 MINNESOTA STREET <br /> SAINT PAUL,MINNESOTA 55101 <br /> TELEPHONE(651)808-6600 <br /> •B RI G G S AND M 0 R GAN FACSIMILE(651)808-6450 <br /> PROFESSIONAL ASSOCIATION WRITER'S DIRECT DIAL <br /> (651) 808-6620 <br /> WRITER'S E-MAIL <br /> mippel@briggs.com <br /> March 2, 2004 <br /> VIA E-MAIL <br /> Cathy Mehelich <br /> Community Development Director <br /> Elk River City Hall <br /> 13065 Orono Parkway <br /> Elk River, MN 55330-5600 <br /> Dear Cathy: <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 /> 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 /> 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 /> 1623789v1 MINNEAPOLIS OFFICE•IDS CENTER•WWW.BRIGGS.COM <br /> MEMBER-LEX MUNDI,A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIRMS <br />