2005.07.18 EDA Packet - Laserfiche WebLink

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Date: April 8, 2003 Mr. Kirk McDonald Community Development Director City of New Hope 4401 Xylon Avenue North New Hope, MN 55428 Re: Sale of approximately 25 acres of land in the southeast quadrant of the intersection of Bass Lake Road and Winnetka Ave. in New Hope, Minnesota Mr. Kirk McDonald: Pursuant to our recent discussions concerning Ryland's interest in purchasing Approximately 25 acres of land at the southeast quadrant of the intersection of Bass Lake Road and Winnetka Ave. from the City of New Hope, Minnesota,this letter shall serve as a letter of intent, whereby The Ryland Group, Inc. ("Ryland") extends the following proposal to the Seller outlining the terms and conditions under which Ryland would consider entering into an agreement to purchase the real estate described above and generally depicted on Exhibit A attached hereto (collectively, the "Property"). The terms of the agreement would be generally structured as follows: 1. Delineation of Property: A surveyor selected by Ryland shall perform an ALTA extended boundary survey of the Property(the "Survey") within thirty (30) days of the complete execution and delivery of a contract executed by both parties. The Survey shall comply with ALTA/ACSM standards for a Grade A survey, and shall also indicated the net acreage of the Property (the difference between the gross acreage of the Property and the acreage of the Property lying within areas subject to canals, laterals, ditches, retention areas, rights-of-way, flood plain, and easements for roads and utility lines and pipelines other than those serving only the Property. The Survey shall be prepared at Seller's expense. 2. Purchase Price: The purchase price for the Property("Purchase Price") shall be Dollars ($ .) The Property shall be transferred and paid for at two separate closings. The first closing shall be for not less than 12 net acres of the Property as selected by Ryland, and the second closing shall be for the balance of the Property. The first closing shall occur within 30 days following the satisfaction of the conditions precedent, and the second closing will occur not more than 12 months after the first closing.