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RE: Letter of understanding St.Anthony Shopping Center <br /> The purpose of this letter is to out line the understandings reach between us. Once we have <br /> solidified our business understandings we will proceed with formalizing a developers agreement. <br /> Over the last several weeks we have reached the following understandings: <br /> 1. The attached master plan prepared by Tushie Montgomery(proposed master plan—option <br /> four) is acceptable to all of us. <br /> 2. The City will provide land for additional shopping center parking on the frontage road right- <br /> of—way as per the attached master plan. <br /> 3. The HRA will purchase easements for the village green as shown on the attached master plan <br /> and the subsequent survey to be prepared by the HRA. <br /> 4. The Developers will pay the cost of the improvements shown on the village green,transit <br /> stop and pathway portion of the master plan. The developers payment of improvement costs <br /> will be equal to the amount paid to the developers for the land easements. Any additional <br /> pre-approved improvement costs will be paid for by the HRA. <br /> 5. The HRA will retain a surveyor to determine the amount of land to be included in the village <br /> green from each of the developers. <br /> 6. The City will obtain an easement from the adjacent apartments to extend the village green to <br /> Kenzie terrace <br /> 7. The City will obtain MDOT approval for a transit stop and path improvements in TH 88 <br /> • Right-Of--Way. <br /> 8. The HRA will cause detail village green,transit stop and pathway construction plans <br /> including relocation of utilities if necessary to be prepared for city and developer approval. <br /> These detailed construction plans will be based on the master plan previously approved by all <br /> parties <br /> 9. The developers will build the village green,transit stop and pathway improvements and <br /> along with the land easements turn the improvements over to the city for ownership and <br /> maintenance purposes. <br /> 10. The developers will allow access to the parking lot for community events as part of the <br /> village green improvements. A detail schedule will be part of the developers agreement. <br /> 11. The City will cause to be prepared a survey of the property in the liquor store area and the <br /> frontage road. <br /> 12. The City and Republic will begin negotiations on the sale of the liquor store/fire hall land <br /> provide acceptable alternative locations for these uses can be fond. <br /> Attached to this letter is the agreed upon master plan. The Surveyor will verify this land area. <br /> Also attached is the location of the existing public utilities. The City engineer will be requested to <br /> verify the locations and determine if relocation is necessary.This is the full understanding <br /> reached to date. <br /> Sincerely, <br /> • <br />