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3-05-1997 6: 12PM FROM MSP REAL ESTATE. INC. 612 336 4565 P.2 <br /> fit 'M � i �: • <br /> 1:>&3 t <br /> • <br /> -t r. + I t-fr ,%) t �' r �.. J"tF 441: ., , Yti. . '� �..� <br /> MSP <br /> . . <br /> real estate services i nc . <br /> March 5, 1997 <br /> Cathy Bennett <br /> City of MoundsView ' <br /> 2401 Highway 10 <br /> Mounds View, MN 55112 <br /> RE: EDA - Owned Property <br /> Highway 10/County Road I <br /> Dear Cathy: <br /> As discussed in your office the other day, MSP Real Estate, Inc. is proposing to <br /> purchase the EDA - owned site on Highway 10 and County Road I of approximately <br /> .6 Acres. <br /> IIIOur proposal would be to purchase the adjacent vacant land as well as the adjacent <br /> - <br /> 40 unit Red Oak Apartments. We would then substantially rehabilitate the existing 40 <br /> apartments and would build up to 25 new rental townhouse units on,the vacant land. Both <br /> the rehabilitated apartments as well as the new townhomes would be owned and operated as <br /> one property, by a single ownership and management entity. The townhomes would be 3 - <br /> and 4 - bedroom units with attached garages. We also plan to include a playground area for <br /> the children that would live in both the apartments and the townhomes. <br /> Our proposed offer to purchase would contain the following business terms: <br /> Price: $1.25/sq #1: <br /> (There are approximately .6 acres of available land, <br /> thus the price would be 26,000 sq ft. X $1.25 = S32-5OQ) <br /> Earnest Money: $3,000.00 <br /> Closing Date: On or before 12/31/97 . <br /> Contingencies: Re-zoning to PUD and obtaining adequate financing <br /> • to develop and rehabilitate the entire project. <br />