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• June 13, 2001 <br /> City of Elk River <br /> Michele McPherson <br /> 13065 Orono Parkway <br /> Elk River, MN 55330 <br /> Dear Michele, <br /> This is an addendum to the letter I wrote to you dated June 12th, 2001. Our interpretation <br /> of fair market value would be a price of$10,000.00 per acre. We are willing to construct <br /> the transaction as follows: <br /> • $ 10,000.00 per acre <br /> x 63 acres <br /> $630,000.00 <br /> x 35% down payment <br /> $220,500.00 <br /> • <br /> • $630,000.00 <br /> - 220,500.00 <br /> $409,500.00 Balance due <br /> We would finance the remaining balance of$409,500.00 over 5 years with annual <br /> payments of$81,900.00 with 0%interest. The annual payments would be due on each <br /> anniversary of the original closing date. <br /> If you have any questions please call me at#763-262-6530 or#612-309-0010. <br /> Thank you for considering our land as part of this future endeavor. <br /> Sincerely, <br /> 16-Y <br /> (CGS �,( A ' <br /> • Richard and Dana LeFavor <br />