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<br />Page 1 of2 <br /> <br />Worden, Heather <br /> <br />From: Randy Mundt [rmundt@fsbnd.com] <br />Sent: Wednesday, August 29, 2007 12:04 PM <br />To: Worden, Heather <br />Subject: FW: Buffalo Renaissance Zone <br />Attachments: zone projects.xls <br /> <br />Randy Mundt - President <br />First State Bank of North Dakota <br />Buffalo, ND 58011 <br />(70]) 633-5106 <br />(701) 238-5678 cell <br />(701)-633-5115 fax <br /> <br />From: Randy Mundt <br />Sent: Wednesday, August 01,2007 1:01 PM <br />To: Bennettv@casscountynd.gov; pawlukk@casscountynd.gov; Sorumr@casscountynd.gov; <br />Vanyod@casscountynd.gov; Wagners@casscountynd.gov <br />Subject: Buffalo Renaissance Zone <br /> <br />As you mayor may not know, Buffalo has had a Renaissance Zone for the past 4 years. Recent <br />legislation now allows Cities to add an additional 3 blocks to existing Zones. One of the requirements to <br />add these 3 blocks is a letter of endorsement from the County Commission. <br /> <br />Buffalo has approached Zone Development a little differently. We know we can't compete in commercial <br />development with our large neighbors so we are using Zone benefits to maintain and improve our housing <br />stock. I believe when you look at the attached excel spreadsheet you will agree with me that the Zone <br />program has been good for the community and the county. <br /> <br />Buffalo has structured its program so that any tax abatements we give in the first 5 years are recaptured <br />by the end of year 10. It is our target to be back to even by year 10. We have accomplished that in all <br />but one of our seventeen projects, who's breakeven was 10.13 years. <br /> <br />As you can see from the attached spreadsheet Zone benefits have actually managed to increase <br />expected tax revenues by almost a third of planned revenue. <br /> <br />I believe almost every project shows and increased tax revenue stream, but the ones that have the big <br />impact and we are the most proud of are the 4 vacant lots that now have new homes on them. <br /> <br />I'm hoping you will feel the same as we do after you have reviewed this information and will and provide <br />us with a letter of support. <br /> <br />If you have any further questions please feel free to e-mail me or contact me at the numbers below. If <br />you like I can come to a commission meeting to discuss this, but at this time I do not plan to attend a <br />meeting unless you feel it is necessary. <br /> <br />Sincerely, <br /> <br />Randy Mundt <br /> <br />8/29/2007 <br />