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<br />BRIGGS AND :MORGAN <br /> <br />2200 FIRST NATIONAL BANK BUILDING <br />332 MINNESOTA STREET <br />SAINT PAUL, MINNESOTA 55101 <br />TELEPHONE (651) 808-6600 <br />FACSIMILE (651) 808-6450 <br /> <br />PROFESSIONAL ASSOCIATION <br /> <br />WRITER'S DIRECT DIAL <br />(651) 808-6620 <br /> <br />WRITER'S E-MAIL <br />mippel@briggs.com <br /> <br />MEMORANDUM <br /> <br />VIA E-MAIL <br /> <br />TO: <br /> <br />Cathy Mehelich <br /> <br />FROM: <br /> <br />Mary Ippel <br />Sid Inman <br /> <br />DATE: <br /> <br />May 12, 2005 <br /> <br />RE: <br /> <br />MetroPlains Project <br /> <br />MetroPlains has requested that the City initiate construction of the King Avenue parking <br />lot, that the Jackson Block Property be sold to MetroPlains and that MetroPlains begins <br />construction on the Jackson Block Proj ect prior to the construction financing closing on the Bluff <br />Block Project. Briggs and Morgan and Ehlers & Associates recommends that the council <br />approve this subject to the following conditions: <br /> <br />1. As a condition to closing on the Jackson Block Property, MetroPlains deposit <br />$500,000 with the City of Elk River for the acquisition cost ofthe Jackson Block Property to be <br />released when the closing ofthe construction financing for Bluff Block Project occurs. <br /> <br />2. If construction of the Bluff Block Project does not commence by December 31, <br />2005, MetroPlains will not receive any tax increment financing assistance with respect to either <br />the Bluff Block Project or the Jackson Block Project. <br /> <br />Provided that the foregoing is satisfactory to the City Council, an amendment to <br />the Development Agreement will be prepared and executed by the parties thereto. <br /> <br />tfy <br /> <br />1769445vl <br /> <br />MlNNEAPOLIS OFFICE. IDS CENTER. WWW.BRlGGS.COM <br />MEMBER - LEX MUNDI, A GLOBAL ASSOCIATION OF INDEPENDENT LAW FIRMS <br />