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EVEREST DEVELOPMENT LTD <br />\ail lml NfA II II I\iVH�.K�AO'llll <br />December 3, 1993 <br />Ms. Samantha Orduno <br />City Administrator <br />City of Mounds View <br />2401 Highway to <br />Mounds View, MN 55112-1499 <br />Dear Samantha: <br />I am writing to advise you of the status of our development <br />proposals for the completion of Mounds View Business Park. <br />I regret to inform you that as of December 2, Multi -Tech <br />Systems, Inc., suspended its purchase negotiations and, <br />accordingly the City site plan review/rezoning approval <br />process should be halted. With Multi -Tech on hold, we are <br />proceeding to sell Saturn additional lard for their <br />anticipated expansion. <br />With regard to the C.G. Hill & Sons, (Building M) project, <br />Mr. Hill has informed us that due to the lengthy and as yet <br />unresolved negotiations concerning his development proposal, <br />he cannot commit to move to Mounds View Business Park, and <br />he has renewed his consideration of other facility options. <br />For Everest's part, given the limited economics of the Hill <br />and Building N projects under the City's proposal, we would <br />be unable to proceed with either project without <br />reconsideration by the City of the interest rate issue and a <br />mutually agreeable park dedication solution. <br />We have not given up on cur goal of successfully completing <br />)sounds View Business Park, but it appears we will be delayed <br />in realizing that goal. <br />EVEREST DEVE. MENT LTD. <br />I <br />T_. othy J. Nelson <br />TJ:I : l c <br />loll �• Lnr; �„IrU 4t�.ld <br />