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02/08/01 17:33 FAX LC8500 Lj002 <br /> 3400 CITY CENTER CONSULTING OFFICE,BEIJING CHINA <br /> , 4_ A. 33 SOUTH SIXTH STREET <br /> MINNEAPOLIS,MN 55402-3796 <br /> • I t I 1612 343-2800 <br /> ?ILO,; "k FAX:612 333-0066 <br /> WEB SITE: www.gpmlaw.com <br /> • <br /> Peter K.Beck <br /> 612 343-5374 <br /> February 8, 2001 <br /> Associated Investors of Elk River, Inc. <br /> do Fischer Sand&Aggregate Co. <br /> 14698 Galaxie Avenue <br /> Apple Valley,MN 55124 <br /> Anthony Gleekel <br /> Siegel, Brill, Greupner, Duffy&Foster,P.A. <br /> 1300 Washington Square <br /> 100 Washington Avenue South <br /> • Minneapolis,MN 55401 <br /> Re: Contract for Private Redevelopment by and between the Economic Development <br /> Authority in and for the City of Elk River and Associated Investors of Elk River, <br /> Inc., Fisher Sand and Aggregate,LLP, and Elk River Business Park,LLC <br /> Dear Sirs: <br /> Section 3.2(i)(1)of the Contract for Private Redevelopment ("Redevelopment <br /> Agreement")by and between the Economic Development Authority in and for the City of Elk <br /> River("Authority") and Associated Investors of Elk River,Inc.,Fisher Sand &Aggregate, LLP, <br /> and Elk River Business Park,LLC (collectively"Redeveloper")requires that the Redeveloper <br /> obtain a certificate of occupancy for all"Initial Improvements"no later than December 31, 2000. <br /> Pursuant to the agreement,"Initial Improvements"means construction by redeveloper of a <br /> minimum of 140,000 square feet of building space for retaillcommercial purposes on the <br /> Shopping Center Property,and 50,000 square feet of building space for light industrial purposes <br /> on the Business Park Property. <br /> It has come to the Authority's attention that, as of December 31, 2000,the Redeveloper <br /> had obtained a certificate of occupancy for approximately 120,000 square feet of building space <br /> for retail/commercial purposes on the Shopping Center Property, and had not received a <br /> certificate of occupancy for any building space on the Business Park Property. Since December <br /> 31, 2000, a certificate of occupancy has been issued for an additional 140,000 square feet of <br /> • building space for retail/commercial purposes on the Shopping Center Property, but no <br /> certificate of occupancy has yet been issued for any building space on the Business Park <br /> Property. <br /> GRAY, PLANT, MOOTY, MOOTY & BENNETT, P.A. ATTORNEYS AT LAW <br />