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ITEM 5. <br /> I)OHERTY 3500 Fifth Street Towers 2800 Minnesota World Trade Center 1401 New York Avenue,N.W. 2370 One Tabor Center <br /> 150 South Fifth Street 30 East Seventh Street Suite 1100 1200 Seventeenth Street <br /> RUMBLEMinneapolis,Minnesota 55402-4235 Saint Paul,Minnesota 55101-4999 Washington,D.C.20005 Denver,Colorado 80202-5823 <br /> BUTLER Telephone(612)340-5555 Telephone(612)291-9333 Telephone(202)393-2554 <br /> FAX(202)393-3131 Telephone(303)572-6200 <br /> FAX(612)340-5584 FAX(612)291-9313 FAX(303)572-6203 <br /> •PROFESSIONAL ASSOCIATION <br /> Attorneys at Law Writer's direct dial number: Reply to Minneapolis office <br /> ' MEMORANDUM <br /> To: Paul Steinman, Executive Director <br /> Elk River Economic Development Authority <br /> From: David Sellergren <br /> Re: West Highway 10 Business Park—Exclusive Negotiations Agreement <br /> Date: May 22, 1997 <br /> We have discussed the issues and a rough concept which involves the EDA assuming an active role <br /> in fostering the development of approximately 120 acres of land in western Elk River along Highway <br /> 10. It is contemplated that this land be developed as a business park. The land is currently owned <br /> by at least three owners (the"Owners"). <br /> You desire to negotiate a contract with the Owners which will establish the EDA as an exclusive <br /> representative for the marketing and sale of the properties and will address, in part, the following <br /> issues: <br /> 1. Establish the purchase price of the land if the EDA brings a buyer/business. <br /> 2. Establish the parameters for marketing the properties. <br /> 3. Establish closing mechanics and timing, which would address such things as survey, <br /> environmental issues, title, soils correction, etc. <br /> 4. Address the installation of utilities, particularly facilitating early installation, possibly including <br /> a deferral of assessments. <br /> 5. Determine necessary land dedication and easements for streets, utilities, and open space. <br /> 6. Establish general design parameters for and target users in the business park. <br /> 7. Other issues to be identified. <br /> I enclose an agreement between the Fridley Housing and Redevelopment Authority and an unnamed <br /> • private entity. I represented the private entity in negotiating this agreement. It contains some, but <br /> not all, of the issues which you desire to address in your negotiations with the Owners. In some <br />