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<br />. <br /> <br />. <br /> <br />. <br /> <br />Mr. Joe Lynch <br />Mr, Aaron Parrish <br />Page 2 <br />June 6, 2002 <br /> <br />Chesapeake was granted an 18 month window in which to assemble all parcels. Although <br />Chesapeake purchased the 19.9 acre Morris Communication parcel in Detember 2001, the <br />developer bas failed to negotiate in good faith to acquire the A.T.S. parcel. In fact, since <br />September of 2001, Chesapeake has rd'used any negotlation fur the purcha5e ofti!e A.T.S. <br />parcel. Attached for your reference is a copy of my letter sent to Peter Carlson of Chesapeake <br />on April 10. 2002. outlining my clients' elClreme frustration with Chesapeake's refusal to <br />negotiate and inviting Chesapealce to enter into a sale agreement canslstent willi its prior <br />representations by May 31, 2002: <br /> <br />I have been further advised that M:T. Properties (the owner of the railroad parcel) has ceased <br />negotiations with Chesapeake because of Chesapeake's refusal to negotiate a purchase with my <br />client. Under the present parcelconfiguratian and use, A.T.S.mPMK enjoy the use and <br />benefit of the railroad spur line to serve the praperty, and may object ta abandonment of the <br />railroad line if they contemplate separate development of their parcel. . <br /> <br />A. t .S. and HPMK are considering all options for maximwn utilization of the etisting <br />. building, as well as potential consolidation of operations and sale of the property. However, <br />Chesapeake has placed A.T.S, and HPMK in a completely untenable position. The property <br />simply cannot be sold in the milTket place fur a price anywhere close to the fair market value of <br />the property for its bi,gbest .and best use~as long as the cloud of the Chesapeake redevelopment <br />and acquisition hangs over the property. <br /> <br />Peggy McKee, CEO of A. T.S. Steel. Inc. and principal partner in HPMK, will be returning to <br />Minnesota from the company's Arizona corporate headquarters late in June. She has asked . <br />that I arrange a meeting with you during het stay so that we may d.iscuss the potential <br />resolution of A.T.S./HPMK claims. as well as the strong opposition of A.T.S. and HPMK to <br />any extension of the 18 month window of development opportunity for Chesapeake under the <br />Master PUD. <br /> <br />~~/9 .6"d~9r8#~{ !OC:6 GO/PO/60 <br /> <br />~1>ijCLOC;1>~C;9 <br /> <br />.V.djJal1t~~'uaTTID'JapU6^al :^q ~uas <br />