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10 -20 -1999 02 :42PM FROM R J Marco <br />TO 4844538 P.01 <br />RJ MARCO CONSTRUCTION, INC. <br />October 20, 1999 <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, MN 55117 -1600 <br />Attn: Mr. Joel Hanson <br />Dear Joel, <br />Via Fax: 651- 434 -4538 <br />1 am writing to' you to advise you we are proceeding under the terms of our development <br />agreement for the reasons outlined below. <br />1 The financing provided by the City of Little Canada for an 11.5 year term as <br />outlined in your TIF analysis document faxed to as on October 14 1999. <br />2. RJ Marco obtaining 0% financing for soil correction work estimated ® <br />$125,000.00 under following terms. <br />RJ Marco agrees to pay $30,000.00 <br />b. TIF financing in the amount of $95,000.00 @ 0% <br />3. The city' of Little Canada will deliver the "pond" acquisition in the amount of <br />$57,550.001ninus the sale to Frattalone in the amount of $30,000.00 for a net cost <br />of $27.550.00 <br />It is our understanding that the warranty deed can be provided on or before December <br />31, 1999, <br />If this meets with your understanding of our agreement please sign and return as <br />confirmation today. <br />The prior written agreements will be amended to reflect and incorporate into this letter <br />and the financial understanding proposed in your "Goodyear TIF Analysis" document, <br />concurrent with said amendments we need to amend certain trigger dates outlined in the <br />development agreement to correlate with actual time requirements. <br />Sincerely, <br />Reginald A. Plowman, President <br />RJ Marco Construction Inc. Joel Hanson, City Administrator <br />80 Minnesota Avenue • Little Canada, Minnesota 55117 • Phone (651) 484 -5635 • Fax (651) 4845701 <br />IUIHL I.Ut <br />PAGE 233 <br />