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......... - - <br />COMMERCIAL <br />PH0PEHTIES <br />A Real Estate Services Company <br />6897139'" Lane NW <br />Ramsey, MN 55303 <br />763.862.2005 Office <br />763.862.1925 Fax <br />November 10, 2015 <br />Amanda Othoudt <br />Economic Development Director <br />City of Elk River <br />Re: Proposal to purchase 4.34 acres of land. <br />Dear Amanda, <br />This correspondence is to serve as a Letter of Intent (LOI) to enter into a purchase <br />agreement for 4.34 acres of land in the North Star Business Park. This letter of intent <br />will allow us to move forward on a layout and to finalize a purchase agreement. The <br />general terms of the purchase agreement are anticipated to be as follows: <br />Seller: Elk River Economic Development Authority <br />Buyer: Robideau Properties, LLC and or / its assigns <br />Property: 4.34 acres located at: 17565 Tyler ST NW, Elk <br />River MN <br />Legal Description: Sherburne County PID# 75-757-0205 <br />Purchase Price: $378,100 ($2.00 per sq. ft.) payable in cash at <br />closing. <br />Earnest Money: $10,000.00, to be credited against the Purchase <br />Price and held in an agreed upon trust account. <br />