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ELK RIVER STATION LLP <br />1611 Highway 10 NB <br />Spring Lake Park, MN 55432 <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />RE: <br /> <br />Michelle McPherson <br /> <br />Len Pratt and John Peterson <br />August 20, 2001 <br /> <br />Elk Kiver Station- Park Dedication <br /> <br />It is our understanding that the $384,980 cash dedication was determined by giving credit <br />of $365,000 for certain physical improvements to parks numbered 2, 4, 5, 7 and 8. <br /> <br />We would request that the 2.97 acres ofparldand associated with said parks be given a <br />valUe as well. We would propose a credit for land of $84,980. This equates to <br />approximately $30,000 per acre and would reduce cash dedication to a grand total of <br />$300,000. <br /> <br /> <br />