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<br /> ~ ~ <br /> .~ --. <br /> l-..-", <br /> JAMES S. LYNDEN _ . <br /> ATTORNEY AT LAu' <br />. <br /> July 9, 1987 <br /> Arden Hills City Council <br /> City Hall <br /> 1450 West Highway 96 <br /> Arden Hills, Minnesota 55H2 <br /> Re: City's Acquisition of Property at Corner of <br /> Lexington and Hamline Avenues <br /> Dear Members of the Council: <br /> As instructed at the Special Council meeting which took place <br />. on Wednesday, July 8 , 1987, I talked with Jim Stolpestad on the <br /> morning of Thursday, July 9, 1987. He told me that he felt <br /> confident that his limited partnership could terminate its Purchase <br /> Agreement with Rand-Maur Corporation if the City desired to <br /> purchase all of the tract of land owned by the partnership. <br /> Because of changes in the tax laws, though, his partnership would <br /> be unable to spread payment of the purchase price over five years <br /> as I had asked. He did say that if the City paid option money of <br /> $4D,OOO or more this year, a closing took place during 1988 and <br /> final payment took place in 1989, the purchase price could be <br /> spread over three years. We talked about an alternative to the <br /> foregoing arrangement which was appealing to me. That is, the City <br /> purchase on a serial or sequential basis portions of the tract of <br /> land starting at the west end and moving eastward. The whole tract <br /> of land would be covered by an option agreement but the City would <br /> get the benefit of spreading the purchase price over a number of <br /> years and the Seller would get the benefit of receiving cash for <br /> the sale of each subparcel and will only have to pay tax on each of <br /> the sales of the subparcels. <br /> I am sure that the overall price is negotiable. Jim has said <br /> that to me on several occasions. <br /> He wants a non-contingent deal. I told him that that was <br /> within the realm of possibility. <br />. I look forward to discussing this matter with you more fully <br /> at the council meeting next Monday night. Jim, by the way, wishes <br /> to hear your decision on July 14, 1987. Apparently he has extended <br /> 612223.5436 612297-6400 <br /> 800 AMHOIST TOWER ST. PAUL, M,NNESOTA 55102 <br />