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<br />... '. -I,. ( ( <br />- - <br /> EVEREST DEVELOPMENT LTD <br /> September 6, 1994 ^ ,...ll....ml 1<:( 1I1Hl rvrRISl C;1\(lLH'ITD <br /> Martin Harstad <br /> Harstad Homes, Inc. <br /> 2195 Silver Lake Rd. <br /> New Brighton, MN 55112 <br /> Re: Harstad Property <br /> Arden Hills, MN <br /> Dear Mr. Harstad: <br /> As we have discussed, our company, Everest Development, Ltd., is interested in <br /> acquiring approximately 70 acres of land at the northeast corner of 1-694 and I-35W in <br /> Arden Hills, for the development of a high quality business/industrial park. Included <br /> among the properties we desire to purchase/assemble for this project is land you own <br />. located northeast of 14th Street N.E. <br /> Enclosed are two (2) copies of a Letter of Intent setting forth the terms and conditions <br /> under which we are willing to purchase your property. The price and the terms set <br /> forth have been arrived at after careful deliberation of a variety of factors which will <br /> affect the potential for success of our proposed project. As you know, there are <br /> substantial risks and development costs associated with the assemblage of properties for <br /> a major project such as we propose. We are prepared to make a substantial investment <br /> of capita!, time, and effort because we believe in this project and are committed to see <br /> it progress from planning concept to reality. We believe that our single-developer <br /> master planning approach represents the best opportunity for the existing property <br /> owners to realize the sale of their property in the foreseeable future. <br /> We request that you review and respond to the Letter of Intent as soon as possible. <br /> Please note that the Letter of Intent requests a response on or before Friday, September <br /> 16. If the terms and conditions are acceptable to you, we ask that you sign and return <br /> one copy of the letter to us. If the Letter of Intent is not acceptable to you, we ask that <br /> you respond in writing setting forth your reasons for declining. <br />. <br /> 2685 Long lake' Road <br /> P.O. Box 130190' Rosevill,., MN 55113 <br /> If, 121 (,16-5500 fax: (6121 63(,.01 B3 <br /> " n._ _. '........'._.u <br />