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THE MARKET PLACE <br />JAMES P. STELLICK <br />GENERAL. PARTNER <br />C. J. HEDLUND <br />GENERAL PARTNER <br />PROPOSED OPTION CONTRACT <br />BETWEEN: 10 -13 -82 <br />THE CITY OF LITTLE CANADA AS OPTIONER, AND <br />THE MARKET PLACE, AS OPTIONEE <br />PROPERTY: <br />PARCELS 020 -55 AND 030 -55 CONTAINING APPROXIMATELY 4.6 ACRES, <br />LOCATED AT THE NORTHEAST CORNER OF THE INTERSECTION OF 1-694 <br />AND THE WATER WORKS EASEMENT, IN THE NORTHWEST SECTION OF THE <br />CITY OF LITTLE CANADA. <br />PROPOSAL: <br />IN CONSIDERATION OF EXTENDING THE OPTION THAT PRESENTLY EXISTS' <br />BETWEEN THE SAME PARTIES FOR ANOTHER PARCEL OF LAND, WE PROPOSE <br />TO OPTION THE ABOVE. LISTED PARCELS FOR A PRICE OF $80000 CASH <br />WITH A SIMULTANEOUS CLOSING. <br />THIS OPTION WOULD. BE CONTINGENT ON:. <br />1) THE CITY MUST USE ITS BEST EFFORTS TO ACQUIRE MARKE"EABLE <br />TITLE TO THE PROPERTY WHICH IT PRESENTLY DOES NOT HAVE. <br />2) THE PROPERTY IS REZONED TO ALLOW FOR COMMERCIAL <br />DEVELOPMENT <br />3) THE PROPOSED AGREEMENT MUST BE PROPERLY DRAFTED AND <br />EXECUTED BY THE PARTIES TO THE AGREEMENT. <br />THE MARKET PLACE, A MINNESOTA GENERAL PARTNERSHIP, <br />BY ITS GENERAL PARTNER, <br />2900 RACE MINNE A LIMITED PARTNERSHIP, <br />AA <br />BY <br />JAMS P. STELLICK, ITS GENERAL PARTNER <br />9 <br />2900 RICE ST.. SUITE 380, ST. PAUL. MINNESOTA 55113 • 612-481.'0259. <br />