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BRUCE A. PETERSON <br />SHOPPING CENTER & COMMERCIaI <br />REAL ESTATE CONSULTANT <br />7545 OFFICE RIDGE CIRCLE <br />May 31, 1995 EDEN PRAIRIE. MN 55344 <br />• 612.944-7447 <br />FAX 612-941-5492 <br />Mr. Pat Klaers -City Administrator <br />CITY OF ELK RIVER <br />PO Box 490 <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />RE: E!k River Development Corporation Project <br />Northeast Corner of Elk Hills Drive and U.S. Highway 169 <br />Dear Mr. Klaers, <br />This letter will confirm our recent discussion regarding our request !flat the City of Elk River <br />authorize its consulting engineers (MSA Consulting Engineers) to commence to prepare plans <br />and specifications for the revision to intersection of Elk Hills Drive and Dodge Street as well as <br />the revisions to Dodge Street extending from said intersection to 189th Avenue. It is further <br />understood that said intersection will be designed as a "four legged T" substantially similar to <br />Exhibit 8A of the MSA report dated ]anuary 18, 1995. Elk River Development Corporation <br />agrees that on or about Lune 5, 1995 it will provide a letter of credit issued by Norwest Bank <br />Minnesota as surety that it will pay for the cost of preparation of said plans and specifications. <br />• The letter of credit will be in the amount of $22,500.00. <br />Elk River Development Corporation agrees to provide the letter of credit with the additional <br />understanding that the preparation of the plans and specifications will be completed by a date <br />that will allow for bidding, the letting of contracts and commencement of construction of said <br />roadwork by the day after the first Council meeting of September, 1995. <br />The above defined terms and conditions are conditioned upon the City and the developer <br />reaching agreement on the portion of the cost of construction that shall be the responsibility of <br />tl7e developer (Elk River Development Corporation). The proposed developer's portion is set <br />forth in a letter to the City of Elk River also dated May 31, I995. <br />This letter is respectfully submitted in behalf of Elk River Development Corporation by its <br />consultant, Bruce A. Peterson. <br />Very Truly Yours, <br /> <br />Bruce A. Peterson <br />• <br />