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Thursday, January 26,2017 <br /> To Whom It may concern <br /> Elk River, MN 55330 <br /> Dear City, <br /> Briggs Properties,Inc is Pledging to work in good faith to complete this project under said timeline <br /> in Tiffapplication attached: The applicant also pledges in good faith to commit to the terms below <br /> upon a Successful Tiff Application of a 40 unit Market Rate Apartment Buildinlo,, <br /> FACILITY ONE: <br /> Amount-. $4,800,OWOO <br /> Purpose: ""lean loan on Multifamily New Construction Mini Perm <br /> Term: 3 year term,25 year amortization <br /> Collateral: I" Real Estate Mortgage on the following properties. <br /> 1) xxx 6' Street NW River, MN 55330 <br /> Pricing: TBD <br /> Guarantees: Business guaranty of Briggs Properties, Inc. <br /> Closings Costs: TBD <br /> THE TERMS AND CONDITIONS OF THE TRANSACTION ARE SUBJECT TO, BUT NOT <br /> LIMITED TO THOSE OUTLINED IN THIS LETTER. THOSE MATTERS THAT ARE NOT <br /> COVERED BY OR MADE CLEAR IN THIS OUTLINE ARE SUBJECT TO MUTUAL <br /> AGREEMENT, THIS TRANSACTION HAS BEEN APPROVED BY THE BOARD OF <br /> DIRECTORS, <br /> I hope that you will find that the terms and timeline outlined herein will meet with your approval, <br /> Please call me at 763-633-1080 to discuss the proposal, Thank you for allowing us the opportunity <br /> to present this proposal. <br /> Sincerely, <br /> I <br /> Patrxck Briggs <br /> President <br />