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^moi <br /> I/0 <br /> Elk River <br /> I Municipal Utilities <br /> 13069 Orono Parkway phone: 763.441.2020 <br /> I <br /> Elk River, MN 55330 Fax 763 44] 8099 <br /> I <br /> November 23, 2005 <br /> IDave Lucas <br /> Sherburne County Government Center <br /> I 13880 Hwy 10 <br /> Elk River, MN 55330 <br /> I <br /> Subject. 4'1' Engine/Generator at Elk River Landfill <br /> Dear Das e. <br /> IAs you are aware, we are proceeding with the installation ''' <br /> 1 fr on of the 4 engine/generator at <br /> the landfill The air permitting process is in it's final stages All four contractual parties <br /> PI (Elk River Municipal Utilities, Elk River Landfill, Great River Energy and Sherburne <br /> Counts ) have signed letters of intents to pursue the 4 unit We now need to amend the <br /> contracts before the 4`h unit is ordered Enclosed is the following information for your <br /> Ilevies\ & approval. <br /> 1 <br /> 1) Restated Promissory Note <br /> 2) Amendment to Security Agreement and Financing Statement <br /> I <br /> In the process of negotiating the purchase power agreement with GRE- GRE is able to <br /> mci ease the purchase price based upon certain reservations This increase in purchase <br /> price will allow us to provide you with the following bonus payment based on the <br /> Ifollowing conditions or reservations <br /> YEAR BONUS YEAR BONUS <br /> I <br /> 2006 $8000 2014 $20,000 <br /> 2007 $10,000 <br /> 2015 820,000 <br /> 2008 $12,000 2016 825,000 <br /> 2009 $12,000 2017 <br /> $25,000 <br /> I <br /> 2010 812,000 2018 <br /> 2019 $25,000 <br /> 201 1 $15,000 830,000 <br /> 2012 $1 5,000 2020 835,000 <br /> 2013 $15,000 2021 840,000 <br /> I 2022 $45,000 <br />