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The park dedication fee is a significant matter to us. We have not budgeted any funds for <br />this expense. From my file information, it was not referenced in the preliminary plat <br />approval and my understanding is that the City implemented this fee during the time that <br />we were negotiating this transaction, and to the best of my knowledge, we were not <br />informed of that. Certainly, if there was increased tax increment available, we could take <br />another look at this. However, we have already had to absorb an increase in some of the <br />special assessments costs without any commensurate increase in the tax increment <br />reimbursement and have no additional cushion of any sort to absorb this. <br /> <br />With regard to sidewalks, we have always understood that these were a part of the City's <br />plans and costs and to be assessed to the property along with other public improvements. <br />This was confirmed to us in our meeting with you of April 25, 2000. Our understanding <br />was that our only responsibility was to provide a sidewalk connection to the property to <br />the north, and we are in agreement with that. <br /> <br />Finally, with regard to streetlights, we have not been aware of any requirement, and would <br />certainly consider this a public improvement that would customarily be part of the street <br />development cost. We again, have no budget cushion to absorb this. <br /> <br />We are hoping that most of these matters can be cleared up in our meeting on Tuesday, May 30, <br />2000, but my understanding is that we will need to address the question of the park dedication <br />to your City Council on June 19, 2000. We will attend that meeting and make this request and <br />would ask that you use this letter as a basis to indicate our formal request with regard thereto. <br /> <br />We obviously are hopeful that we can resolve this quickly; we are moving forward with the <br />working drawings for our multi tenant building and are carrying on discussions with several <br />prospects at this time. It is imperative that we resolve this in order to move forward. In order to <br />meet the deadlines in our Development Agreement and to move this project forward, we need to <br />start in early July with the first building. Our mass grading needs to begin in early June and from <br />discussions with Dennis Cornelius, I understand that you are requiring that the Letter of Credit <br />issue be resolved prior to start of that work. <br /> <br />We look forward to meeting you next week and are hopeful of a quick resolution. <br /> <br />Yours very truly, <br /> <br />Richard V. Martens <br />President <br /> <br />Cc: Dennis Cornelius <br /> Mel Ammon <br /> <br /> <br />