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• <br /> DRAFT <br /> July 29, 1998 <br /> Terry Veech <br /> Midwest Building Components, Inc. <br /> 7210 163rd Avenue NW <br /> Ramsey, Minnesota 55303 <br /> SUBJECT: LETTER OF INTENT <br /> Dear Mr. Veech: <br /> The purpose of this letter is to signify the Elk River Housing and <br /> Redevelopment Authority's (HRA) commitment to work exclusively with <br /> Midwest Building Components, Inc. (MBC) to complete exploratory research <br /> • into construction of an approximately 21,000 square foot (leasable) building <br /> on the corner of King Avenue and Main Street in downtown Elk River. <br /> It is the intention of the HRA and MBC that this Letter of Intent document <br /> our present understanding and commitments and that if the following <br /> conditions can be fulfilled to the satisfaction of the HRA and MBC, that the <br /> parties will proceed to use their best efforts to attempt to negotiate a <br /> mutually satisfactory development agreement: <br /> • MBC demonstrates the market-feasibility of the proposed project <br /> • MBC demonstrates that financing for the proposed project is <br /> available to MBC <br /> • MBC and the HRA are able to reach an agreement on of a purchase <br /> price for the property <br /> • MBC demonstrates that the construction materials proposed to be <br /> used will be of such grade and quality so that the building is <br /> aesthetically pleasing and fits with the overall character of the <br /> downtown area <br /> During the term of this letter of intent, the HRA agrees that it will not <br /> negotiate a contract with any other party concerning the redevelopment of <br /> the King and Main site. <br />