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53 54 <br /> 3sed . <br /> nthony :hat <br /> Urge Properties, LLP Isis <br /> arly <br /> 2500-39" Avenue NE, Suite 230 and <br /> Minneapolis, MN 55421 <br /> )ing <br /> on <br /> iary 4, 2000 the <br /> !and <br /> Lroad Lease / Parking Issue at 2801 37th Ave. NE way <br /> ride <br />:n: Ken Solie <br /> this date, I discussed the current land leasing <br /> losophy of CP Rail with David Drach of CP (612-347- <br /> 4) . He stated as follows: <br /> All new leases and lease renewals are being done on a <br /> month to month basis with 30 days notice. This is CP <br /> Rail policy and there are no exceptions . <br /> It is CP Rails position that they want to sell any land <br /> t is not essential to . railroad operations . Their <br /> price is the market value of neighboring land <br /> without regard to the land-locked nature of the <br /> parcels . They feel that while the land has no value to <br /> the public, it has "market value" to the owners of <br /> contiguous property. Drach said They will hold the <br /> property for 80 years before they will sell it at less <br /> than market value" . <br /> Drach sees no reason that CP Rail would not renew our <br /> lease in the future. He stated that the only reasons <br /> for lease termination are for cause (non payment of <br /> rent) or if the railroad had a need for the land for <br /> business purposes : He did . not see any .pending railroad <br /> need for this land An the future. I asked him to <br /> document this in. a letter, He refused. <br /> He stated that he thought there was a 100 feet wide <br /> strip through this area that could be available for <br /> lease but it seems clear that their preference would-be <br /> to sell . <br /> om his discussion, it seems that the worst case scenario <br /> u e that CP Rail refuses to renew our lease at its <br /> pir tion for the purpose of forcing us to purchase the <br />