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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 />One Capital Centre Plaza <br />386 North Wabasha Street <br />St. Paul, Minnesota 55102 <br />June 16, 1988 <br />Mr. Joseph G. Chlebeck <br />City Clerk <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />Re: Centerville Park Project <br />(A.I.C. Corporation) <br />Our File No. 6115 <br />Dear Joe: <br />Telephone <br />(612) 222 -2541 <br />Please be advised that the attorneys for A.I.C. Corporation <br />have indicated that the purchase of the eight acre tract be <br />conditioned on the fact that seller would only pay special <br />assessments levied as of the date of closing. It appears that <br />the closing date will be on or about July 31, 1988. As you <br />recall, the purchase of other property in this project has been <br />subject to the condition that the seller pay all special <br />assessments, whether levied, pending or deferred. <br />The enclosed amended Purchase Agreement for Lot 6, Nadeau <br />Addition, which is the northernmost four acre tract, has a <br />similar provision relative to the payment of only levied special <br />assessments. Secondly, the anticipated closing date is June 30, <br />1988, which is not practical at this late date. Thirdly, the <br />proposed one year Contract for Deed, which provides for the <br />payment of $1,000 at the time of closing and the balance of <br />$95,316 one year from now, provides for the payment of interest <br />on the unpaid balance at the rate of 11 1/2 %, which amount will <br />be payable one year from now. <br />Would you please submit the enclosed to the Council for <br />their consideration of the counter - offers. <br />If anyone has any questions relative to this matter, please <br />contact the undersigned. <br />TMS:slc <br />Enclosure <br />Page 37 <br />Yours very truly, <br />SWEENEY, O'CONNOR & BORER <br />k <br />Thomas M. Sweeney <br />