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FROM BRIGGS AND MORGAN ST,PAUL 612 223 6645 (THU)07,24' 97 11:42 /ST. 11:41/ NO,3360015-940 P. 2 2200 FIRST NAT[ONAL BADE EUILDING 332 MINNESOTA STREET SAINT PAUL.MINNESOTA 5310f • BRIC GS AND MORGAN TELEPHONE M 223-0430 ?ACSTMTLE 61Z120 PROFESSIONAL ASSOCIATION WRITER'DIRECT DIAL (612)223-6420 WRITER'S E-MAIL July 24, 1997 tACSIMILFAIRU1 IP thy Bennett Director of Economic Development Mounds View City Hall 2401 Highway 10 Mounds View, Minnesota 55112-1499 Re: Condition Approval for Sale by the EDA of the Property at 2625 highway 10 Dear Cathy: di I understand that you have published the notice of public hearing which we discussed and reviewed earlier. Next Monday,the Board of EDA will hold that public hearing on the question of selling the above-mentioned property,which was initially acquired by the EDA as one implementation of its Housing Replacement Program. I have enclosed a suggested resolution for the Board to consider next Monday following the public hearing. This resolution would give a conditional,non-binding approval to the sale of the property,but subject in all events to final approval by the Board on such terms as it may or may not find acceptable at some future time,whether or not this property is eventually conveyed to MSP Real Estate in connection with its proposed new townhome/apartment rehabilitation project involving this property and several adjacent properties. The resolution indicates that the sale price in the future would be the appraised value or such other amount which the Board may find acceptable at the time. It may turn out to be the ease, and I believe the law clearly allows this,:that a lesser purchase price might be necessary in order to provide a sufficient"write-down"of the land costs so that the eventual developer could feasibly proceed with the project,whether that is MSP or some other entity. • 7590241 MINNEA?OLIS OPRCB a IDS CIIN7tR•WWAtBATGOS.COIt WADER-LEX MUNDI.A GLOBAL ASSOCIATION 01 INDrNDENT LAW FIRMS •