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tJiINPlWEST <br />s CORPORATIQN <br />February23, X010 <br />Cathy Mehelich <br />Director of Economic Development <br />City of Elk River <br />x.3065 Orono Parkway <br />Elk River, MN 55330 <br />Re: The Bluffs of Elk River <br />Dear Cathy, <br />z4$~o Highway 7 t; 95~-545-8825 <br />Minnotonka, MN 55$45 ~~ 95~-545-$oro <br />am writing to you regarding the downtown Elk River project known as The Bluffs of Elk River, <br />Minnwest Bank, M. V. is the owner of 64 of the 67 residential condominium units and all of the <br />commercial space in the property located at 633 Main Street N. w., Elk River, MN, <br />A number of inquires continue to be received from prospective tenants for the residential <br />condominiums. This letter is Minnwest's notification to the City of Elk River that the bank intends to <br />begin leasing condominium units to residential tenants, There are ~.5 units that are finished and ready <br />for occupancy. At this time the bank does not intend to finish the remainder of the units for leasing <br />purposes. The leasing terms will be within the requirements contained in: <br />~ "The Bluffs ofElk RiverCondominiumAmended and Restated Declaration"forCommon Interest <br />Community No. 6~. recorded in Sherburne County as document number 687676 on February 17, <br />zoo9. <br />"The Bluffs of Elk River Condominium Association Amended and Restated Bylaws", <br />The two documents listed above include specific direction as to the length of leases and the need far <br />background checks on each applicant. Copies of the two documents accompany this letter. lease terms <br />will be no shorter than three months and no longer than twelve months. All leasing applicants will be <br />underwritten by reviewing their application and the content of a background check. Rents charged to <br />tenants will be market rents, Minnwest will engage Acuity Capital or similar company to manage the <br />rental of the units on behalf of the bank, The income received from the leasing of the finished <br />residential condominium units will allow Minnwest to cover some of its costs in maintaining the unsold <br />units until a buyer is found, <br />