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<br />e) Security Agreement and Financing Statement between Elk River Municipal <br />Utilities and Sherburne County. Restated document with cost of 4th unit and <br />using same terms and conditions. <br />f) Power Purchase Agreement between Elk River Municipal Utilities and Great <br />River Energy with 16 year term, pricing for 4th unit. <br /> <br />It is my desire to amend these contracts using the same terms and conditions as the <br />original agreements with the modifications outlined above. The critical issues from my <br />perspective are: <br /> <br />1) Term of agreement remain 16 years. The 4th unit cash flows with the <br />existing term. <br />2) Air Permits, process and costs <br />3) Gas Costs <br />4) Service Agreement Costs <br />5) Purchase Power revenue <br /> <br />The preliminary contract schedule is as follows: <br /> <br />Initiate project and EA W Air Permit process <br />Secure Air Permit (6 months) <br />Order Engine/Generator <br />Delivery of Engine/Generator (12 weeks) <br />Install equipment-installation (6 weeks) <br />Start-up <br /> <br />4-1-05 <br />10-1-05 <br />10-1-05 <br />2-1-06 <br />3-15-06 <br />4-1-06 <br /> <br />In order to move forward with the 41h engine/generator I need to know if you are <br />interested. In light of the number of parties required to be involved in the addition of the <br />fourth unit, I ask that each party express their intent by joining in on a memorandum of <br />intent. <br /> <br />Please execute and return to me by March 1,2005. If you have any questions, do not <br />hesitate to call. <br /> <br /> <br />cc: File <br />Dave Lucas <br />Stan Selander <br />