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<br />..;.:-" OJ' .-~.~\...J......' . .........'. .._~~",.':"""" ...- ....... ,:. ....0../ '. _,_,;\..~'.. ' ,-.''-.....', OJ"-.;-......'_, _._ .~'J'J '0../'........ - -- <br />.' , 'I?J <br /> 1E"~'brr A- <br />. STATEMENT OF INTENT <br />it 1.0 Parties. This Statement of Intent is dated the ____ day <br /> of , 1997, and represents the present <br /> understanding of the City of Arden Hills, a Minnesota municipal <br /> corporation ("City" ) and Morris Communication Corporation, a <br />I Georgia corporation, it successors and assigns ("MOrris") . <br /> 2.0 Recitals. <br />. A. Morris owns certain property located in the City <br /> ("Morris property"). <br />. B. The Morris Property is adjacent to property owned by <br /> ATS Steel ("ATS Steel Property"). <br /> C. Both the Morris Property and the ATS Steel Property are <br />. in the City's Gateway Business zoning District and are <br /> adjacent to an area which is being developed and <br /> redeveloped. <br />. D. The City would like to encourage the development and <br /> redevelopment of property within the Gateway Business <br /> Zoning District consistent with the City's vision for <br />. the area. <br /> 3.0 Statement of Intent. <br />Ie A. The City agrees that it will make the <br /> development/redevelopment rights for the ATS Steel <br /> Property available to Morris for a period of <br />. approximately two years ("option Period") commencing on <br /> the date hereof and terminating on December 31, 1999. <br /> It is intended that during the Option Period, Morris <br /> will have the right to submit to the City, or the <br />I City's economic development authority, proposals for <br /> the development of the Morris/ATS Steel properties. <br />I B. The Option Period may be extended for twO additional <br /> one year eerMB~__HerriB_Bhall_exereiBe-i~B-righ~-ue <br /> eK~e~a-~Re-ep~ie~-periea->>y terms by providinq the City <br /> with written notice Ee-ERe-€i~y at least two (2) months <br />I prior to the end of the Option Period or any extension <br /> ~fie~eef_aBd_ey_s~mi~eiag-witfi-S~eR-fletiee.a <br /> aea_rez~ftaable-pa~efte-eE-$i97ee9-ee-~ke-~i~y-fe~-the <br />I fi~se_exeeRsieR-aRa-a-aea-~ef~aaele-pa~eat-ef-S <br /> te_tas_€ity-fer-eae-seeeaa-exEeasiea, thereof. <br /> l. The first request for an Option extension shall be <br />I ~ubmitted to the City along with a non-refundable <br /> payment of $10,000. <br />. ~ The second request for an Option extension shall <br /> be submitted to the City alonq with a payment of <br />it <br />I <br />