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BRAINERD <br />LAKE S <br />A R E A <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 />• 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 />• 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 />118 -825 -0096 <br />