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04/26/00 10:43 FAX 612 347 9389 TOWLE REAL ESTATE 002 <br />Wednesday, April 26, 2000 <br />Mr. Joel R. Hanson <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, MN 55117 -1600 <br />Dear Joel: <br />COLLIERS <br />TOWLE <br />BRoRnuaE• AJPRRISAL • RESEARCH <br />•PROPEMYMaHR481BrT <br />ColllersTowle Real Estate <br />Towle Building • Suite 800 <br />330 Second Avenue South <br />Minneapolis, MN 55401 <br />Tel: 612/341 -4444 <br />Fax: 612/347 -9389 <br />Attached to this letter, please find a list of prospects for the 2.11 acres on the corner of Rice <br />Street and Little Canada Road. Of those prospects listed, there are approximately 5 <br />companies/individuals to be considered active prospects with varied levels of interest in the <br />property. <br />I do not recommend the City accepting Mr. Johnson's proposal as is. Rather, accept the proposal <br />with the changes we have discussed and are summarized on your memorandum to the City <br />Council dated April 21, 2000. In addition, it is my recommendation that the City Council ask to <br />review other pertinent information with respect to the proposal such as a review of other <br />developments completed by North Lake, hear what uses he intends to pursue in the project, and <br />how the project will be financed. I have called Mr. Johnson today to ask for the above <br />information. I also recommend that the buyer assume the special assessments levied against the <br />property, <br />After further discussions with you concerning the history of this endeavor, I think that the City <br />Council may want to consider another alternative — creating their own concept plan for the <br />property and try to attract an "anchor tenant" for the project. Once sufficient interest in a project <br />is achieved, employ some type of bidding process in which a developer is chosen to complete the <br />project. This way the City Council could achieve their goal to attain a suitable user for the <br />corner, but not becoming developers in the process. <br />I will be present at the City Council meeting tonight and prepared to answer questions on the <br />above issues. In the interim, please do not hesitate to call me with any questions. <br />Sincerely, <br />Carol Ebert <br />Sales Associate <br />225 Offices In theAr <br />Page 3 <br />1' r.aterAsI, <br />