Laserfiche WebLink
FROII LIRA IN HOFFHHH ANOKA <br />7.10.19s9 14:5_. F. 1 <br />Business Development Services Inc. <br />* ** M E M 0 R A N D U M * ** <br />TO: Mayor Michael Fahey and members of the City Council <br />FROM: Patrick Pelstring, Vice President <br />Business Development Services, Inc. <br />DATE: July 10, 1989 <br />RE: COUNTRY DRIVE LETTER OF INTENT <br />Attached is a draft of a Letter of Intent which has been for- <br />warded to Mr. Brueggemann, Act 90, to facilitate the development <br />of Country Drive. This Letter of Intent has the appropriate <br />contingencies for financial feasibility and due process. It is <br />designed to outline the understanding between the City and the <br />developer, but will be replaced by the actual Development and <br />Assessment Agreement, once the developer has met certain <br />performance standards. <br />The Letter of Intent has been designed so that it will <br />automatically expire if the performance standards are not met and <br />will ultimately expire within 120 days, hopefully to be replaced <br />by a Development and Assessment Agreement. This process should <br />provide a reasonable time frame for the developer, while pro- <br />tecting the long -term interest of the property owners. <br />I will be meeting with Mr. Brueggemann to iron out any last <br />minute details and hope to have his agreement for your <br />July 12, 1989, Council meeting. <br />PWP /ld <br />Attachment <br />Page 5 <br />8990 SPRINGBROOK DRIVE • SUITE 230 • MINNERPOUS, MN 55433 • PHONE: 612786 -6151 <br />