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BRAINERD <br /> `.. <br /> LAKES <br /> AREA <br /> DEVELOPMENT <br /> CORPORATION <br /> Memorandum <br /> To: City of Pequot Lakes Representatives <br /> From: Elissa Rogers, Brainerd Lakes Area Development Corporation <br /> Re: Tax increment Financing Request from Oppidan <br /> Date: July 16, 2009 <br /> Enclosed you will find a proposal for redevelopment tax increment financing (TIF)from Oppidan <br /> for a new retail structure to be built in the City of Pequot Lakes. This letter is provided to briefly <br /> summarize the project information for you. <br /> Company and Project Summary <br /> Oppidan is a development company in the Minneapolis/St. Paul area. Their specialty is to <br /> develop a facility to meet customers' needs,work with others to help lease up the facility, and <br /> then either maintain ownership and enter into a long term lease, sell the property to the <br /> operating entity, or enter into a joint property ownership. <br /> Oppidan has entered into a purchase agreement to acquire the motel and Babinksi property as <br /> seen in the attached documents, contingent upon several factors including the availability of tax <br /> increment financing. Oppidan is working with an area business owner to operate the businesses <br /> once the building is completed. Oppidan is proposing acquisition, demolition, and new <br /> construction. Upon completion there will be approximately 33,000 square feet of space. <br /> Tenants will include a grocery operation plus one or more tenants in the main building and a <br /> potential gas island on the out lot. A site plan has been attached for review. A limited <br /> partnership will be formed to own the property. Prior to closing the general, limited, and equity <br /> partners will be determined. <br /> Community Benefits <br /> The proposed project and tax increment financing will allow the business to provide benefits to <br /> the Pequot Lakes area as follows: <br /> • Capital Investment <br /> o Oppidan has confidence in their location and investment along the 371 corridor <br /> and feels this project will be a major factor in defining the future commercial <br /> development for the community. <br /> o Throughout Oppidan's project an estimated $6.5 million will be invested in the <br /> Pequot Lakes community. <br /> • Economic Development, Redevelopment and Growth <br /> o Oppidan plans to build roadways and extend City sewer to their site which could <br /> potentially allow for other development along that corridor. <br /> 124 North Sixth Street <br /> Brainerd,MN 56401 <br /> 21841284.V% <br />