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<br /> <br /> <br /> <br /> <br />September 23, 2015 <br /> <br />Matthew Bachler <br />City Planning <br />City of Arden Hills <br />1245 West Highway 96 <br />Arden Hills, MN 55112 <br /> <br />RE: Amendment and Restatement of Development Rights (Arden Plaza) <br /> <br />Dear Matthew: <br /> <br />This letter accompanies the Assignment and Assumption of Development Agreement (Frattallone) and Assignment <br />and Assumption of Development Agreement (HRP Edina). <br /> <br />Progress on the development of the Arden Plaza property is continuing and we are excited to sell a portion of our <br />property to our long term tenant Frattallone hardware store which provides them the opportunity to build a much <br />anticipated garden center. In addition, we are excited about other opportunities in front of us, including the pending <br />sale to HRP Edina for the development of a restaurant on one of our out lots. <br /> <br />In connection with both of these sales we are asking that certain duties of the developer that are specific to the <br />respective property be transferred to the new owners. <br /> <br />In the case of Frattallone, many of the provisions regarding the CUP are current and ongoing obligations of <br />Frattallone which will both own and operate the hardware store. Frattallone and we have agreed that you should <br />look to them for performance on these issues as we are not in a position to perform unless we remained as owners <br />and with respect to the obligations of the CUP operated the hardware store and garden center. In connection with <br />the city’s signing of this agreement we ask the city to release our letter of credit for certain parking improvements <br />because Frattallone has agreed to accept these responsibilities in connection with their construction of the parking <br />lot improvements. <br /> <br />In the case of HRP Edina, some of the ongoing obligations relating to the property are properly taken up by the <br />owner and, in addition, the obligations associated with the development of Lot 1, Block 1, Arden Plaza 2nd Addition, <br />that are being discussed at Monday’s meeting are the obligations of HRP Edina as the obligations are associated <br />with their development of the property and obtaining their final certificate of occupancy. <br /> <br />Thank you for your consideration of this matter. <br /> <br />Sincerely, <br /> <br />Kim JoDene Donat <br /> <br />Kim JoDene Donat <br />General Counsel, Wellington Management, Inc., agent for Arden Plaza LLC <br /> <br />cc: Stephen B. Wellington, Jr. <br /> Dennis Trooien <br /> David Bergstrom <br />