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SEPTE1BER 15, 1975 <br /> 5.0 PETITIONS CONTINUED <br /> 5.6 D. ELDRIDGE AND BALD EAGLE INDUSTRIAL PARK <br /> Two letter of intent were submitted to the City Council number <br /> one and two as follows: <br /> Number 1 <br /> City of Hugo <br /> The Grace Development Co. Inc. agrees to the following: <br /> 1 . To develop and submit to the City final working drawings <br /> for the drainage of the Bald Eagle Industrial Park. <br /> 2. To install a drainage ditch from 130th St. N. South to the <br /> existing drainage ditch immediately upon the completion <br /> of above drainage plan and the Ci',; OK to install this <br /> ditch. <br /> 3. To escrow with the First State Bank of Hugo $7,000 for <br /> installation of the above ditch and payment of the above <br /> drainage and plans. <br /> 4. Within 60 days we will develop a comprehensive staged <br /> development plan for the Bald Eagle Industrial Park. <br /> 5. The Grace Development Co. Inc. , herein agrees that there <br /> will be no future sale of vacant land in the Industrial Park <br /> until the City approved a staged development plan and that <br /> plan is implemented to service the property in question. <br /> Number 2 <br /> It is agreed between Metropolitan Steel Fabricators, Inc. and <br /> the Grace Development Co. Inc. , that we will escrow at the <br /> First State Bank of Hugo $7,000.00 for the purpose of installing <br /> a drainage ditch from 130th. St. N. South to the existing drainage <br /> ditch and also it is to pay for the plan for drainage. <br /> Signatures <br />