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DORSEY & WHITNEY LLP • MINNEAPOLIS PILLSBURY CENTER SOUTH NEW YORK WASHINGTON,D.C. 220 SOUTH SIXTH STREET DENVER LONDON MINNEAPOLIS, MINNESOTA 55402-1498 SEATTLE BRUSSELS TELEPHONE: (612) 340-2600 FARGO HONG KONG FAX: (612),340-2868 BILLINGS DES MOINES ROCHESTER MISSOULA MARY E.HONESS COSTA MESA (612)3442689 GREAT FALLS Few(612)3447800 May 19, 1997 VIA MESSENGER Michael J. Mornson City Manager City of St. Anthony 3301 Silver Lake Road St. Anthony, MN 55418 • Re: Sale of Lot 5, Block 1, Silverlake Center by Ste. Marie'Company to the Housing and Redevelopment Authority of St. Anthony, Minnesota Dear Mike: Enclosed for execution please find four copies of the Purchase Agreement. Please have each copy signed where indicated and return the four signed copies to me together with a check in the amount of $1,000.00 payable to Ste. Marie Company as earnest money. As we discussed at the meeting last week, the Purchase Agreement contains an inspection and construction bid contingency which are in effect until the closing date. These contingencies will permit the HRA to back out of the transaction if the bids are too high or the Phase I update reveals unacceptable environmental conditions. Closing is scheduled for June 10 at 10:00 a.m. At closing, the HRA, Ste. Marie Company and Opus will also enter into an easement agreement providing for access and sanitary and storm sewer easements. The easement agreement will be drafted and negotiated prior to closing and must be mutually acceptable to the HRA, Ste. Marie Company and Opus. All parties have already agreed upon the location of the sanitary sewer easement as shown in the drawing prepared by Westwood Professional Services, a copy of which • is enclosed. Access shall be available to Lot 5 from the southerly Silver Lake Road