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HOLIES & GRAVEN <br /> CHARTERED <br /> ROBERT J. DEIKE 470 Pillsbury Center, Minneapolis, Minnesota 55402 • <br /> Attorney at Law (612) 337-9300 <br /> Direct Dial (612) 337-9204 <br /> • <br /> January 5, 1990 <br /> Mr. Donald F Paulev <br /> Clerk-Administrator . <br /> City of Mounds View - <br /> 2401 Highway 10 - <br /> Mounds View, MN 55112 <br /> RE: Mounds View Business Park <br /> Our File No. _VI`J 1_25-3 <br /> Dear Don: <br /> As you requested, I have reviewed the recentrequest c t o.h Everest Development,Jpie: t, <br /> Ltd., to be released under the Contract for Private Redevelopment between the City <br /> of Mounds View and Everest Develo)pnent, Ltd., and Commercial Property <br /> Investments, Inc. Section 3.2 of the Contract provides the criteria under which the <br /> City is to release the Redeveloper from its obligations under the Contract. Those <br /> criteria, simply stated, include a finding 17' the Citythat the parties to whom the <br /> Redevelopment Property has been transferred have the qualifications and financial <br /> responsibility necessary to fulfill the obligations undertaken by the Redeveloper and • <br /> that the transferees in an instrument acceptable to the City, have expressly assumed <br /> all of the obligations of the Redeveloper under the agreement. <br /> As you are aware the Redeveloper has transferred Parcels 1, 2, 4, 5, and 6 of the <br /> subject development to third parties. Parcel 3 is still under the ownership of Everest <br /> Investment Limited Partnership, an entity affiliated with the original Redevelopers, <br /> Everest Development, Ltd., and Commercial Property Investment, Inc. In November, <br /> each of the present owners of the various parcels. of the Redevelopment Property <br /> executed a First Supplement to Contract for Private Redevelopment under which <br /> each of the parcels was segregated as to the responsibilities of the individual owners. <br /> I believe that. the execution of the First Supplement satisfies the requirement in the <br /> Contract of an assumption of the obligations of the Redeveloper by subsequent <br /> transferees. <br /> Assuming that the C.3ity r2oInfortz.131e .vit the financial and other lua i. atinn <br /> S of <br /> the present owners of the Redevelopment Property, I believe that it would be <br /> anDroori ate for the City to execute the requested�r'ele se. T have not mode an <br /> independent review of any financial statements concerning those transferees. <br /> If you have any questions please call me. <br /> G:,hc .e lV, <br /> %�>rt'�"�i"ii',. li {�• _!�. Jam.! <br /> Robert J. Deike <br /> D J�J:dh <br />