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Friday, May 26, 2000 <br /> <br />Ms. Michele McPherson <br />Director of Planning <br />City of Elk River <br />13065 Orono Parkway <br />PO Box 490 <br />Elk River, Minnesota 55330 <br /> <br />BROOKSTONE, INC. <br /> <br />7400 Metro Blvd., Suite 2_12 <br />Edina, Minnesota 55439 <br />612_,837.9167 phone <br />612_.837.8010 fax <br /> <br />Dear Michele: <br /> <br />I am writing with reference to your transmittal dated May 12, 2000 regarding the Development <br />Agreement for the Elk River Business Park together with the letter dated May 16, 2000, from <br />Debbie Heubner, planning secretary, regarding conditions attached to final plat approval. While <br />we have continued to enthusiastically move forward on implementing both the land development <br />component of this project and the first 50,000 square foot building, we need to resolve some <br />issues that came out from the above referenced correspondence before we can start grading and <br />the first building. <br /> <br />From past notes of meetings with various City staff members, other d0rresp0ndence and from our <br />discussions we are requesting reconsideration of the following matters: <br /> <br />The requirement for a Letter of Credit. This did come up in discussions, particularly with <br />former City Development Director, Paul Steiman, as well as Peter Beck and we had agreed <br />that no Letter of Credit would be required. I believe it was initially part of the preliminary <br />planning commission plat resolution but was clearly to have been eliminated for the <br />reason that the public improvements were all being installed by the City and assessed to <br />the property. While you indicated that there are some improvements we will be <br />installing, I believe the only thing we have responsibility for is the mass grading, which is <br />also reimbursed from the City. <br /> <br />o <br /> <br />With regard to the surface water management fee, we are in agreement that we have some <br />responsibility in this regard. However, in our meeting of May 12, 1999, when we requested <br />information on a comprehensive list of fees related to this project, it was indicated that <br />the surface water management fee would be $136 per acre. This is less than shown in the <br />draft Development Agreement. <br /> <br />We are in agreement that we are responsible for the seal coating fee and it was indicated <br />that this would be $0.40 per square foot of asphalted road area. I believe a preliminary <br />estimate of that was only several thousand dollars. We would request clarification on <br />this. <br /> <br />REAL ESTATE ADVISORY SERVICES, INVESTMENT AND DEVELOPMENT <br /> <br /> <br />