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.--. -__. . .. <br /> 071081199E 11: 23 12186823030 EALLENTHIN PAGE 02 <br /> 1tUh1%II A11ON <br /> JAMES E. BALLENTHIN <br /> ATTORNEY AT LAW <br /> RTE 1 - BOX 91 TELEPHONE 1-218-682-2405 <br /> BACKUS,MN 56435 TOLL FREE 1-888-682-2405 <br /> FAX 1-218-682-3030 <br /> E-MAIL Jebatty©usIInk.net <br /> July 8, 1998 <br /> Paul Steinman SENT BY FAX: 612-441-7425 <br /> City of Elk River <br /> 13065 Orono Pkwy <br /> PO Box 490 <br /> Elk River,MN 55330 <br /> Re: TIF Agreement-Morrell <br /> Our File No, 1878 <br /> Dear Paul: <br /> • In late June, 1998,negotiations with the City of Elk River to obtain tax increment financing <br /> (TIF)to assist in the development of a new terminal, warehouse,office and shop facility for <br /> Morrell Transfer, Inc. and Morrell & Morrell, Inc. came to an impasse. The impasse culminated <br /> a long process of negotiation with the City. <br /> The City sought to impose many conditions and restrictions on Morrell,and the City required <br /> that these conditions and restrictions continue for an indefinite period extending more than 15 <br /> years into the future. Morrell was unwilling to accept these limitations on its business <br /> opportunities, and Morrell concluded that full private financing of its new facility would better <br /> serve the interests of its employees and customers. <br /> Morrell has a 37 year history of business success and growth in Elk River. Upon completion of <br /> its new facility on 171st Avenue NW, now scheduled for winter 1998-1999, this tradition will <br /> continue. As a family-owned business rooted in Elk River,Morrell is committed to its record of <br /> solid business and community citizenship. Morrell looks forward to meeting the challenges and <br /> opportunities of the future. <br /> Very truly yours, <br /> • Jam . Ballenthin <br /> cc: Larry and Arlyce Morrell <br />