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FEB-04-98 04 :03 PM PELSTRING01 5509221 P. 04 <br /> • <br /> the development of the industrial property. As such, the EDA could control this site with all <br /> costs paid by the commercial development. <br /> SUMMARY <br /> The estimated development costs, future sales prices, and development schedule are <br /> preliminary at this stage. It is clear, however, that the costs do not justify the investment and <br /> prospective return. This proposal provides the opportunity for the EDA to assure the viability <br /> of this commercial development and to promote the development of the adjacent industrial <br /> property. <br /> Sincerely, <br /> E ING CA' 9 ' "•RATION <br /> CE9 ii <br /> Patrick W. Pelstring, Partner <br /> • cc: Tony Gleekel, Siegel, Brill, Gruepner, Duffy & Foster <br /> Mathias Fischer, Associated Developers of the Twin Cities <br /> Kaare Birkeland, Centres Group, ltd. <br /> 0 <br />