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Attorneys <br />William A, Erlind <br />"Tony Ellett <br />May 28, 2013 <br />Mr. Randy Backous <br />City of Ramsey HRA <br />7550 Sunwood Drive NW <br />Ramsey, MN 55303 <br />Re: Purchase /Exchange of Property <br />Dear Mr. Backous: <br />ERHART & ELFELT, LLC <br />BY E -MAIL & US MAIL <br />rbackousAci.ramsey.mn. us <br />This letter of intent relates to a parcel of property that PSD, LLC is interested in purchasing from <br />Ramsey HRA and exchanging parcels of property. This letter of intent is submitted with the <br />intent that either both or neither occur. The general non- binding terms are outlined as follows: <br />1. Purchase. <br />a. PSD, LLC is interested in purchasing a 3 acre parcel that is generally <br />described as Outlot A of the Ramsey Town Center 8 Addition. This is <br />demonstrated in the highlighted portion of Exhibit A. <br />b. The City acknowledges that PSD, LLC plans to develop the property set forth <br />on Exhibit B. PSD, LLC intends on constructing 12 twin homes that would <br />consist of 24 one level ADA residences. The City acknowledges that it is <br />unaware of any prohibitions of developing the land with the usage as <br />designated on this exhibit. <br />c. The purchase price for the 3 acres will be $130,680. <br />d. The City would agree to complete the second lift on the streets that abut the <br />purchased property. These streets include Zeolite Street NW, 147 Terrace <br />NW, and Willemite Street NW. <br />e. The City agrees that there are no outstanding assessments to the properties. <br />2. Exchange. <br />a. PSD, LLC is the owner of the portion of Outlot A of the Ramsey Town Center <br />13 that consists of about 3.36 acres that is demonstrated in the highlighted <br />portion of Exhibit C. <br />b. PSD, LLC is also the owner of Outlot B of the Ramsey Town Center 13 <br />Outlot B is property that will be utilized for a common easement for ingress <br />and egress to adjoining property including Outlot A of the Ramsey Town <br />Center 13 <br />c. The City is the owner of Outlot A of the Ramsey Town Center 7 See <br />Exhibit D. <br />Telephone: 763.4273800 <br />Facsimile: 763.427.3803 <br />Paralegals <br />Lori Elie l <br />Sandra Neely <br />316 East Main Street <br />www .4441aw .co n1 Anoka, MN 55303 <br />