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NOV-15-1996 14:15 FBS CREDIT ADMIN 612 973 2148 P.02i06 <br /> • <br /> SIE N WECONPANY <br /> 8151 Bank Place <br /> NPfP 1802 <br /> 8023econdAwanae, South, <br /> Nlneeapolla, AN 55402-4302 <br /> VIA FACSIMILE'TRANSMISSION <br /> November 15, 1996 <br /> Mr. Michael J. Mornson <br /> City Manager <br /> Saint Anthony Village <br /> 3301 Silver Lake Road <br /> St.Anthony,MN 55418-1599 <br /> Dear Mike: <br /> I have attached a draft of the proposal for the SAV liquor store lease that we were going to discuss <br /> in our meeting today. However,in light of the weather,I am sending this to you and we will <br /> attempt to get together nod week. <br /> • The attached proposal is basically the same as the previous lease proposal with two(2)changes. <br /> The first change deals with the cost of the proposed leasehold improvements. Ste.Marie Company <br /> has increased the amount required from the Landlord by over$100,000. The amount St. Anthony <br /> is being asked to contribute for the leasehold improvements has been increased by$75,000. <br /> The other change is the insertion of a percentage rent clause. This will provide a mechanism for <br /> the Landlord to obtain increase in rent only if the Tenant has an increase in sales from the new <br /> location. <br /> Of course the provision for the Wells Lease will be deleted from any new lease. <br /> Again,this is only a DRAFT of the proposal and the terms are subject to appropriate approvals. <br /> We look forward to meeting with you and discussing the attached lease proposal. <br /> 2ly,reeEM:cCabe - <br /> Vice President <br /> LEWlhoh <br /> Enclosure: I <br /> • cc: Tom Lund <br />