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BROOKSTONE,INC. NOV a <br /> 1993 <br /> vck /otze- <br /> 7400 <br /> / a 1 <br /> Metro Blvd.,Suite 212 <br /> Edina,Minnesota 55439 <br /> 612.837.9167 phone <br /> 612.837.8010 fax <br /> November 4, 1998 <br /> Mr. Paul Steinman <br /> Director of Economic Development <br /> City of Elk River <br /> 13065 Orono Parkway <br /> PO Box 490 <br /> Elk River,Minnesota 55330 <br /> Dear Paul: <br /> Further to our recent discussions,we are writing this letter to begin the process of finalizing an <br /> agreement with the City of Elk River with regard to the use of tax increment financing for the Elk River <br /> Business Center. Please keep in mind that at this point we need to remain fluid pending the result of <br /> additional planning and analysis we are undertaking on this site. Specifically,the areas that at this point <br /> continue to create some degree of uncertainty are: <br /> 1. Soil conditions—we plan on undertaking detailed studies. <br /> 2. A final wetland mitigation plan. <br /> 3. Potential additional topographical analysis required. <br /> 4. Planning approvals including the abandonment of the existing ditch through the property,the <br /> creation of the regional pond, city approvals and external governmental approvals including the <br /> Corp of Engineers. <br /> We are moving ahead on all of these fronts and expect to have a certain amount of work completed <br /> prior to year-end. <br /> Without completion of further planning and analysis as described above,it is not possible to provide <br /> firm numbers for the overall mass grading for this 40 acres. Preliminarily,we estimate that the cost for <br /> this work will be$12,000 per acre for a total of$480,000 and adding in the very preliminary estimate for <br /> our wetland mitigation of$70,000 and a$50,000 contingency would yield an overall site preparation <br /> estimate of$600,000. This excludes any possible soil correction required. <br /> Pursuant to our specific discussions with you, and the meeting with your economic development <br /> authority,we are proposing the following conceptual framework for a tax increment financing agreement <br /> . with the City of Elk River. This is outlined below: <br /> REAL ESTATE ADVISORY SERVICES,INVESTMENT AND DEVELOPMENT <br />