1996-03-12 Cohen Development
ELIAS, MEGINNES, RIFFLE &SEGHETTI, P.C.
JOHN S. ELIAS
BRIAN J. MEGINNE$
ROBERT M. RIFFLE
MICHAEL R. SEGHETTI
File: 14022-004
March 12, 1996
Mr. Michael C. Couri
Razwill and Couri
P.O. Box 369
St. Michael, MN
RE: Cohen Development Company Albertville Project
Dear Mike:
416 Main Street, Suite 1400
Peoria, Illinois 61602
Telephone: 309-637-6000
Facsimile: 309-637-8514
In the time since Les Cohen and I spoke to you and Gary Hale at the end of January, Les
and I have spoken with Jim Morse regarding his development adjacent to the proposed Cohen
project. Jim felt, as we all agreed on our conference call, that it made sense to look at the
infrastructure issues associated with this project collectively. He was comfortable with the
generalities that Les and I had discussed with you and Gary.
It is our plan to come to the City in the coming months with a proposal for City assitance
for both JMJ's commercial/retail development and Cohen's proposed outlot projects. When we bring
this proposal to the City, we anticipate that JMJ will be essentially ready to move forward when a
development agreement is put together. Because Les needs to know the particulars of the City's
involvement before he can really market his project, his portion will not be as far along. This gives
us two elements to take to the Ciry -one project ready to go immediately, and plenty of upside for
the future.
As we discussed, we anticipate asking the Ciry to form an "Enhanced Local Effort" district,
;~'l.i: tl, r';~c~ ?nirin:?* :.. ..t., wr:ri ~hY rj"1.- Ri.ro^ C~.hnnl T:et..'..• ~,...oo:,,,' ~n ~.....tr;1.;.rQ inCrPmYr.t.,l
real estate tax revenues toward the cost of construction of infrastructure. ~ I understand that this type
of district, while not a creature of Minnesota statutory law, is one that Minnesota taxing bodies have
the authority to form. We would also like to explore the possibliry of special assessment financing
for some public improvements as well.
We feel that the Albertville area, and this particular location, have great potential for these
projects. We look forward to working with the Ciry to make the projects a reality.
Very ly o
Michael R. Seghetti
MRS:amr
896-405.L
cc: Leslie B. Cohen
James A. Morse, Jr.