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• DRAFT <br />• <br />June 19, 2001 <br />John Duffy <br />Jeff Von Feldt <br />Duffy Development Company <br />11900 Wayzata Blvd. <br />Minneapolis, MN 55305 <br />And <br />Ross Fefercorn <br />RMF Entities, Ltd. <br />7625 Metro Blvd., Suite 145 <br />Edina, MN 55435 <br />Re: Lino Lakes Village Phase I retail and senior housing development <br />Dear Ross, Jeff and John, <br />On behalf of the City of Lino Lakes, I am pleased to respond to your letter regarding an <br />exclusive development contract and right to purchase from the city the land for Phase I of <br />the Lino Lakes Village project. <br />It is our understanding that RMF Entities, Ltd. and Duffy Development Company will <br />work in collaboration with the city to create the mixed use commercial/retail and senior <br />apartment project on ± 7.5 acres of city -owned land in The Village, as depicted in the <br />concept plan developed by Studioworks. <br />The purpose of this is to complete a letter of intent that outlines city and developer <br />responsibilities, with an accompanying timetable, by June 19 to bring to the city council. <br />Staff will recommend exclusive development rights for Phase I to the development team <br />for one year. We are aware that unresolved obstacles remain, and exclusive development <br />rights will be subject to reasonable extensions to allow for completed negotiations and <br />schedule for construction of the YMCA, approval of a secondary access into the Village, <br />and costs of improvements for Phase I and II. Both the city and the development team <br />will agree to reasonable benchmarks (see attached draft schedule) that keep the project <br />moving forward. This schedule includes entering into a mutually beneficial and exclusive <br />development agreement by August 2001. <br />Developer responsibilities within the development agreement will include, but not be <br />• limited to: <br />