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e) Security Agreement and Financing Statement between Elk River Municipal <br />Utilities and Sherburne County. Restated document with cost of 4`~' unit and <br />using same terms and conditions. <br />f) Power Purchase Agreement between Elk River Mwlicipal Utilities and Great <br />River Energy with 16 year term, pricing for 4`~' unit. <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 />1) Term of agreement remain 16 years <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 />The 4`~ unit cash flows with the <br />The preliminary contract schedule is as follows: <br />Initiate project and F,AW 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 />4-1-OS <br />10-1-OS <br />10-1-OS <br />2-1-06 <br />3-15-06 <br />4- I -06 <br />In order to move forward with the 4`~' engine/generator I need to know if you are <br />interested. In light of the number of parties required to be im~olved 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 />Please execute and return to me by March l , 2005. If you have any questions, do not <br />hesitate to call. <br />Best re rds, <br />~~~ <br />Bry Adams, P.E. <br />General Manager <br />cc: File <br />Dave Lucas <br />Stan Selander <br />