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FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 3. 2' 01 12: 10/ST. 12:09/N0. 4261218324 P 2
<br /> LAW ORfiCES
<br /> SIEGEL, BRILL, GREUPNER, DUFFY & FOSTER, P.A.
<br /> 1300 WASHINGTON SQUARE
<br /> ,10C1Aw E. 9RgL. JR. -
<br /> 100 WASHINGTON AVF.NIIF SOUTH JAMC3 A. TAROS!
<br /> J AMES R. OREU=NEst MINNEAPOLIS, MINNESOTA 55401 STEvcN J. WEINTReUT
<br /> GERALD S. DUFrT ROBERT F. ROOF
<br /> .BRENNA E. NELSON
<br /> WOOD R. COSTE4,JR. TELEPHONE 16121 339-7131
<br /> THOMAS M. GOODMAN VICItI$ L. LONER
<br /> J OHN S.WATSON FAC51M,LE 1612)339-6591
<br /> WM.CMQ1,TODMER m£NWELL
<br /> l7"'S
<br /> ANoler
<br /> ANTHONYO Writer's E-Mail Address: TonY Gleekel df com
<br /> J.GLEEKEL '400 EAST WISCONSIN AVENUE
<br /> JOCL w,JENSEN SUITC n»,'LOOA O�
<br /> SHEAR, L. 4O1.1Lc - MILWAUKEE.WISCONSIN S32OE.AA6S
<br /> JORDAN M, LewIe 14141 Tst-s646
<br /> BRIAN E.WEISH ERG FAA 14141.270.0862 MICHELLE R. KLEGON
<br /> March 1,2001
<br /> Mr- Peter Beck
<br /> Gray Plant Mooty Mooty&Bennett P.A.
<br /> 3400 City Center
<br /> 33 South Sixth Street
<br /> Minneapolis,Mn 55402-3796
<br /> Re: Contract for Private Development by and between the Economic Development Authority -
<br /> in and for the City of Elk River and Associated Investors of Elk River, Inc., Fischer Sand
<br /> &Aggregate, LLP, and Elk River Business Park,LLC
<br /> Our File No. 19,293-D-002
<br /> Dear Peter
<br /> The purpose of this letter is to respond to your letter dated February 8, 2001,which I received on
<br /> February 20, 2001, regarding the alleged breach of Section 3.2(1)(1) of the Contract for Private
<br /> Redevelopment by and between the Economic Development Authority in and for the City of Elk
<br /> River ("Authority") and Associated Investors of Elk River, Inc., Fischer Sand & Aggregate,
<br /> LLP, and Elk River Business Park, LLC (collectively "Redeveloper") ("Redevelopment
<br /> Agreement"). As Richard Martens of Elk River Business Park, LLC, advised the Authority at its
<br /> meeting on February 12, the issuance of the Certificate of Occupancy for the 50,000 square foot
<br /> building on the Business Park was imminent. In fact, the Certificate of Occupancy was obtained
<br /> by Elk River Business Park, LLC a few days ago. I attached a copy of the Certificate of
<br /> Occupancy for your convenience.
<br /> As for the Certificate of Occupancy of the additional 140,000 square feet, it is my understanding
<br /> that Wal-Mart opened in the second or third week of January, and accordingly, a Certificate of
<br /> Occupancy for 140,000 square feet, which was in addition to the 120,000 square foot Home
<br /> Depot already in operation,greatly exceeds the requirements of the Redevelopment Agreement.
<br /> Accordingly, the alleged default set forth in your correspondence has been cured, and therefore,
<br /> suspension of the Authority's performance of the terms of the Redevelopment Agreement and
<br /> Note is unnecessary.
<br /> •
<br />
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