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�Ila <br /> Administrative Offices <br /> 3301 Silver Lake Road, St. Anthony, Minnesota 55418-1699 <br /> (612) 789-8881 FAX (612) 781-9323 <br /> June 11, 2001 <br /> Mr. Al Emory <br /> Western Bank <br /> 1740 Rice Street <br /> Maplewood, MN 55113 <br /> Dear Mr. Emory: <br /> The City of St. Anthony purchased the old Hardee's site at 4004 Silver Lake Road for <br /> $319,000. Mr. Steve Sparks and Ms. Julie Chien, owners of Culver's Restaurants,propose to <br /> purchase 4004 Silver Lake Road from the City and the adjacent Exhaust Pro's site, 4000 Silver <br /> Lake Road. The combined site will encompass 58,750 square feet and Culver's intends to <br /> construct a Culver's Restaurant at the location. The City will ask Ms. Chien and Mr. Sparks to <br /> provide$319,000 to the City for transfer of the property to them. Within 30 days after the <br /> Certificate of Occupancy is issued, the City will reimburse Ms. Chien and Mr. Sparks$314,000 <br /> for the redevelopment project. <br /> Upon execution of a development agreement between the City and Culver's (Mr. Sparks <br /> and.Ms. Chien) for the old Hardee's site and purchase of the Exhaust,Pro site by Culver's, the St. <br /> Anthony City Council intends to sign a purchase agreement for the old Hardee's site with <br /> Culver's. <br /> The City believes this will be a win-win situation for the City and Culver's and we are <br /> looking forward to this as the beginning of the redevelopment of the Apache Plata area. <br /> Sincerely, <br /> ///Mi hael Momson <br /> City Manager <br />