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__ __ <br />� --- - ' _ -- ,_ = - � =--.� _ — � ': _._.ii _ FY . _ - - - -- --- -- - - --- <br />� � TOLD <br />T <br />DEVELOPMENT COMPANY <br />January 15, 1998 <br />Jim Ericsan <br />Planning Associate <br />City of Mounds View <br />2401 Highway 10 <br />Mounds View, MN 5�112 <br />Re: Development Proposal <br />Highway 10 and County Road I <br />Nlounds View, Minnesota <br />Dear Jim: <br />We recently discussed the requirement of presentation of a market study for the above referenced <br />development proposal. The proposed development is a build-to-suit for lease for a specific <br />client. This is not a speculative development. Rather, we will be entering into a long term lease, <br />as landlord, with Walgreen Co., as tenant. This site was thoroughly examined by the Walgreen <br />Co. personnel, and a presentation was made to the Real Estate Board in late November 1997. <br />The Real Estate Board, considering the lease proposal by TOLD Development Company and the <br />results of the market study performed by the Walgreen Co. personnel, approved the site. <br />We are not, however, privy to receipt of their internal documentation. I do believe that approval <br />by a retailer wiiling to enter into a long term lease on a build-to-suit facility should, przma facie, <br />evidence completion of an acceptable market study. <br />Jim, if I car, prov;de �e�a with an;� additior.al informatien cr if this ler*.er does not serve the <br />intended purpose of satisfying the market study requirement, p(ease do not hesitate to call on me. <br />Thank you for your consideration in this matter. <br />Very ly Yours� <br />VV <br />Robert tiI. Cunningha <br />Vice President - Development <br />n:\bob\ericson.115 <br />MINfVEr1POLIS • MILWAUKEE • CHICAGO <br />WEDGWOOD COMMERCE CEI`ITRE a 6900 Wedgwood Road, Suite 100. �Haple Grove. MIV 55311 •(612) 420-900C Fax (612) 420•7574 <br />