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FROM LHPF.IH HOFEMPH PHOhi „ IO. 1999 l4:5 Office of: JOSEPH G. CHLEBECK, Clerk 515 Little Canada Road Little Canada, Minn. yb117 484-2177 July 10, 1989 CITY OF LITTLE CANADA RAMSEY COUNTY, MINNESOTA LETTER OF INTENT P. MAYOR Michael Fallay COUNCIL Beverly $vaILa Bill 619991101 Rick QOIIQva Jim Le Valle Mr. Loren Brueggemann Act 90 6520 Edenvale Boulevard Suite 210 Eden Prairie, MN 55344 RE: TAX INCREMENT FINANCING ASSISTANCE City of Little Canada, Country Drive Redevelopment Site Dear Mr. Brueggemann: The Little Canada Economic Development Commission has had an opportunity to review the options for redevelopment of the Country Drive site. We have determined to proceed on the project on a "phased" basis consistent with your representations to the Little Canada Economic Development Commission. Based upon our review and analysis, we have prepared this Letter of Intent to serve as our preliminary understanding of the pro- ject's structure. We have also established the appropriate time frames for its implementation. DEVELOPER REPRESENTATIONS 1. The developer, Act 90, would intend to proceed to negotiate the acquisition of a minimum of 60% of the 11.2 acre site (6.72 acres). Act 90 would also agree to identify the first phase of the development, totalling a minimum of 3.0 acres. 2. The developer represents that he intends to construct office /warehouse /showroom facilities on the development site. The developer will seek a minimum lot coverage of 25%, sub- ject to City planning policy, with building sizes generally 30,000 square feet and up. 3. The developer will proceed with the acquisition of the pro- perty from the property owners on a private basis and report actual acquisition and redevelopment costs back to the Little Canada Economic Development Commission. Page 6