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Thomas M. Sweeney <br />James J. O'Connor <br />George F. Borer <br />Paul T. Ostrow <br />Douglas B. Meslow <br />Sweeney, O'Connor & Borer / <br />Professional Association <br />Attorneys at Law <br />Suite 1200 <br />Capital Centre <br />386 North Wabasha Street <br />St. Paul, Minnesota 55102 <br />October 6, 1988 <br />Mr. Joseph G. Chlebeck <br />City Clerk <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />Re: City of Little Canada <br />- AIC Corporation <br />Our File No. 6115 <br />Dear Mr. Chlebeck: <br />CiFY <br />(61212,22-2541 <br />Enclosed please find the City's Check No. 023073 in the <br />amount of $2,000.00 payable to Title Insurance Company of <br />Minnesota. This check was to be used to pay the closing costs. <br />At closing, we decided that it would be easier for all involved <br />if we would just have you wire the entire purchase price plus <br />the closing costs directly to Title Insurance Company's trust <br />account. The remaining purchase price was $192,132.00 and the <br />closing costs amounted to $1,247.56 for a total of $193,379.56 <br />that was wired to Title Insurance Company's bank. <br />At the time of closing, Title Insurance Company collected <br />from AIC the total amount of the deferred assessments and will <br />be issuing a check to the City in the amount of $9,273.65 <br />representing full payment of the deferred assessments. The <br />Purchase Agreement for Lot 6 indicates that the deferred <br />assessments would be payable on the first anniversary date of <br />the closing. We will request that the City Council, at its next <br />meeting, determine whether or not that portion of the deferred <br />assessments due on Lot 6 can be returned to AIC and then that <br />portion be paid at the time the Contract for Deed is paid off. <br />Therefore, we would request that you hold the check for deferred <br />assessments in the amount of $9,273.65, and not cash it until <br />after the next Council meeting. <br />Page 19 <br />