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IELLISON CO. <br /> REAL ESTATE DEVELOPMENT AND CONSTRUCTION SERVICES <br /> 7200 HUDSON BLVD ,SUITE 230,OAKDALE, �1N 55125 OFFICE 651 730 0100 FAx 651-730 0303 <br /> October 14, 1999 <br /> Mr. Mike Morrison <br /> Saint Anthony Village <br /> 3301 Silver Lake Road <br /> St. Anthony, MN 55418-1699 <br /> RE: The Hitching Post <br /> 2440 Highway 88 <br /> St. Anthony, MN <br /> Dear Mike: <br /> As we have discussed, the design for The Hitching Post has significantly increased the costs of <br /> the remodel and renovation of the old Town and Country Market for Mr. Furseth. Our design <br /> changes have dramatically increased the aesthetic appeal of the building and have resulted in an <br /> almost entirely new exterior of the building. It will look totally new in every respect and those <br /> people who remember what the Town and Country building looks like will not believe that it <br /> even is the same structure. These changes have been done in part in keeping with the vision that <br /> the Village of St. Anthony has for the redevelopment of the shopping center and retail area. The <br /> Hitching Post, being the first renovation and redevelopment within this area must set the stage <br /> for the other projects yet to come. This has, of course, only come at a significant price increase <br /> over what Mr. Furseth had initially intended. <br /> As it has been mentioned at the Planning Commission and City Council meeting, we are <br /> requesting that the City provide us with some assistance in the additional costs that we have <br /> incurred by providing us with economic assistance for the site development and for the purchase <br /> of the land which the Hitching Post will provide for the new greenway. We request that the City <br /> purchase the land to be dedicated to the greenway at a price of$5.00/sf. At this time we estimate <br /> that there is approximately 20,000 sf that the City wishes to purchase and therefore we are <br /> estimating a value of approximately$100,000.00 for this land purchase. <br /> With respect to the site development costs, we offer the following as a budget guideline for what <br /> we will be expending based on the anticipated design to meet the City's preliminary plans for the <br /> greenway area. <br /> Site Lighting $ 17,500.00 <br /> Landscaping $ 14,500.00 <br /> Repaving, resurfacing, and stripping $ 18,000.00 <br /> Total $ 50,000.00 <br /> The assistance provided by the City for the site development represents 7.5% of the anticipated <br /> total costs of the project. I believe that this is a significant bargain for the City in exchange for <br />