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<br />e <br /> <br />e <br /> <br />e <br /> <br />.. <br /> <br />~. <br /> <br />fxH16rT ~ 'l'~ <br /> <br />STATEMENT OF INTENT <br /> <br />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 />Georgia corporation, it successors and assigns ("Morris"). <br /> <br />2.0 Recitals. <br /> <br />A. Morris owns certain property located in the City ("Morris <br />Property") . <br /> <br />B. The Morris Property is adjacent to property owned by ATS <br />Steel ("ATS Steel Property"). <br /> <br />Both the Morris Property and the ATS Steel Property <br />in the City's Gateway Business Zoning District and <br />adjacent to an area which is being developed <br />redeveloped. <br /> <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 the <br />area. <br /> <br />C. <br /> <br />are <br />are <br />and <br /> <br />3.0 Statement of Intent. <br /> <br />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. It <br />is intended that during the Option Period, Morris will <br />have the right to submit to the City, or the City's <br />economic development authority, proposals for the <br />development of the Morris/ATS Steel Properties. <br /> <br />B. The Option Period may be extAndFld for two additional one <br />year terms by providing the City with written notice at <br />least two (2) months prior to the end of the Option <br />Period or any extension thereof. <br /> <br />1. The first request for an Option extension shall be <br />submitted to the City along with a non-refundable <br />payment of $10,000. <br /> <br />2. <br /> <br />The second request for an Option extension shall be <br />submitted to the City along with a payment of <br />$20,000 plus interest earned thereon by the City <br />which amounts shall be refunded to Morris if <br />development of the Morris/ATS Steel Property <br /> <br />1 <br />