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I <br />I <br />I <br /> <br />City of Ramsey <br />15155NOWTHEN BOULEVARD N.W., RAMSEY, MINNESOTA 55303 <br /> <br />PHONE (612) 427-1410 FAX (612) 427-5543 <br /> TDD (612) 427-8591 <br /> <br /> I <br /> <br /> I <br /> I <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />November 18, 1998 <br /> <br />Mr. Brian Doyle <br />Welsh Companies <br />105 Fifth Avenue South, Suite 550 <br />Minneapolis, Minnesota 55401 <br /> <br />Re: BMA Associates, 149.11 Acre Site, Ramsey, Minnesota <br /> <br />Dear Mr. Doyle: <br /> <br />The City of Ramsey is interested in entering into a formal agreement to acquire the <br />149.11 acre site from BMA Associates. What we propose to do is to enter into a rolling <br />option agreement, whereby the City will acquire one or more parcels from BMA <br />Associates with the option to acquire the remaining parcels within an eight-year time <br />frame. This would allow your client to spread their gain over a period of years providing <br />a higher return on investment. We propose the following general terms of the agreement: <br /> <br />Purchase Price: $1,491,000 for entire site. <br /> <br />Terms: We propose to purchase each of the five parcels that make up the site over an <br />eight year period. One parcel would be purchased every two years until the entire 149- <br />acre parcel is acquired. The City would reserve the right to acquire the entire site at an <br />earlier date if necessary. Each parcel would be acquired at a purchase price of $10,000 <br />per acre. <br /> <br />Brian, I would like to meet directly with you to determine the acceptability of this <br />proposal. Please call me after you have had an opportunity to discuss it with Mr. <br />Fruendsch and we can determine a time for us to meet. <br /> <br />Sincerely, <br /> <br />JEN/jmt <br /> <br /> <br />