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January 31, 1997 <br />Mr. Larry McCabe <br />Ste. Marie Company <br />601 Second Avenue South <br />Minneapolis, MN 55402 <br />RE: Letter of Understanding and Intent to Purchase Property at <br />St. Anthony, Minnesota <br />Dear Mr. McCabe: <br />This letter is intended to outline the terms and conditions of a purchase of the property located <br />at Lot 5, Blk 1, Silver Lake Center (Tires Plus, 3800 Silver Lake Road) in St. Anthony, <br />Minnesota ( "Property") by and between the City of St. Anthony ( "Purchaser ") and Ste. Marie <br />Company ( "Seller "). Please consider the following proposed terms and conditions: <br />Purchaser: Housing and Redevelopment Authority of St. Anthony, <br />Minnesota <br />Property: The real property (land and building) located in Ramsey County, <br />Minnesota, located at 3800 Silver Lake Road in St. Anthony, <br />Minnesota, legally described as Lot 5, Block 1, Silver Lake <br />Center, according to the recorded plat thereof, Ramsey County, <br />Minnesota. <br />Purchase Price: $650,000.00. <br />Earnest Money: $1,000.00, which shall be payable upon the execution of the <br />purchase agreement and shall be refundable on or before waiver <br />of Purchaser's contingencies. <br />Closing Date: On or before May 1, 1997. <br />