Laserfiche WebLink
5 -17 -1996 10:43AM FROM GROOTWASSINK RE /EST. 6129442419 P.2 <br />MARKET PLACE CENTER, LLC <br />6440 Flying Cloud Drive, Suite 203 • Eden Prairie, MN 556344 <br />May 16, 1996 <br />Mr. Joel R. Hanson <br />City Administration <br />City of Little Canada <br />515 Little Canada Road <br />Little Cananda, MN 55117 <br />Re: Amending Acquisition and Construction Loan Agreement <br />Market Place Center <br />Little Canada, Minnesota <br />Dear Joel: <br />Pursuant to our meeting, please find enclosed an Amended Exhibit C and Exhibit D to the Acquisition and <br />Construction Loan Agreement originally executed December 27, 1995 by and between the Economic <br />Development Authority to the City of Little Canada (EDA) and Market Place Center Limited Liability Company <br />(Developer)_ If the enclosed revised Exhibits meet with the approval of the EDA, please have one fully executed <br />copy of this letter, acknowledged below, along with a copy of Exhibit C and Exhibit D attached to the letter <br />returned to my attention at the above stated address. <br />As per my letter to you dated May 6, 1996, Bob Grootwassink and I are refinancing another shopping center <br />which we both jointly own and we have ear- marked $170,000.00 of the capital that we will be receiving from the <br />refinance for present and future Capital and Tenant Improvements for Market Place Center. We feel that with <br />this infusion of capital that we not only will be able to complete the items stated in Exhibit C and D but the <br />additional items that we have decided to complete over and above our agreement. Some of these items are the <br />complete reroofing of the center and the additional metal siding instead of painting the front of the shopping <br />center, which we feel is substantially better for the project over the long term even though the capttal cost is <br />extremely higher than originally budgetted. <br />If you or the EDA have any questions about our request to amend Exhibit C and D of the Acquisitions and <br />Construction Loan Agreement or about the redevelopment of the shopping center, please just ask. We await <br />your response to our request. <br />Sincerely, <br />Maik. A. Hutzler <br />Market place Center, Limited Liability Company <br />Page 88 <br />