Laserfiche WebLink
June 21,2001 <br /> <br />City of Elk River <br />Michele McPherson <br />13065 Orono Parkway <br />Elk River, MN 55330 <br /> <br />RE: 70-ACRE PARCEL PROPOSAL FOR PARK SITE <br /> <br />Dear Michele, <br /> <br />After reviewing with our C.P.A. firm the proposal and addendum dating June 11 th & June <br />14th, 2001, regarding the purchase of the above stated property, our accountant has <br />advised us to make some changes to our offer. <br /> <br />Our C.P.A. firm has indicated to us that the IRS, in the case of installment payments <br />being made, requires a charge of interest. We also were advised to sell the entire 70 acres <br />instead of selling only 63 and retaining 7acres. Based on those issues we would like to <br />update the City of Elk River and the Park and Recreation offer as follows: <br /> <br />Offer the City of Elk River a cash offer of $9,500.00 per acre on the entire 70 <br />acres. This would be the most favorable option for us because our company is <br />experiencing tremendous growth and requires additional cash to support this <br />growth. <br /> <br />Sell the entire 70-acre parcel of land to the City of Elk River for $10,000.00 per <br />acre over 5 years at 8% interest. Our C.P.A. f'mn has advised us to structure the <br />transaction as follows: <br /> <br />$70O,000.00 <br />$350,000.00 <br /> <br />$350,000.00 <br /> <br />Purchase Price <br />50% Down <br /> <br />Balance Due <br /> <br /> IT~. SAFETY. <br /> <br />[9928 Industrial Blvd· Big Lake, MN ooot, ,~ · x0~ .~0~,63,00 · Fax:/0o._o~.0~ol * 866.GET. MACH · machglass~?aol.com <br /> <br /> <br />