CCP 09-09-2002 - Laserfiche WebLink

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'..' (.... . . .'., Mr. Peter Ca.rhon Page 2 April 10, 2002 . The Concept Plan, Site Plan and Survey for Chesapeake's corporate business campus project encompasses 26,S acres, including the A.T.S. parceL The plans show full utilization of the A.T.S. parcel for office building construction, as well as principal and secondary site access. I~ is clear that the A.T.S. parcel is essential to the Master PUD plan that you presented to the City Planning Com.tni8sion and which was approved by the Arden Hills City Council-subject to the condition of acquisition of the A. T, S. and MT parcels. On May 29,2001. the City subsequently approved the Plat of the Northeast Comer Addition, which encompasses the 19.9 ai:res Morris Communications parcel (except the billboard .. outlots). At the time of this hearing. your representatives told the City that Chesapeake was still in "negotiating" for the purchase of the A.T.S. parcel. Final plat approval was granted by the City with the express understanding that Chesapeake wUl; L) eventually acquire all parcels shown on the concept plan (including the A. T.S. parcel); and 2.) consolidate all parcels through an additional platting process. In addition, final plat approval was conditioned upon the creation and recording of a restrictive covenant that the lots of the Northeast Corner Addition "will not be developed separately as it is the . understanding that all lots will be consolidated through an additional platting process.. (emphasis added) . In our meeting of August 9, 2000. in my office. r indicated to you that my clients' appraisal of fair market value of the property was completed by C, E. LaSalle and Associates. Mr. LaSalle completed his appraisal with a valuation dale of Ociober 29, 2000, the date of death of Harry McKee - one of the principal shareholders of A.T.S. and HPMK, LLC. This appraisal valuation, as wellll.3 the Tony Speiker fixture appraisal valuation, has been used for the purposes of the.McKee estate valuation and not simply as a cOndemnation appraisal. The total Ilppf'1lisal value, with tirrie adjusunent, was $3,040,000. In addition, my clients conservatively estimated that an additional $100,000 would be required in relocation assistance to relocate the A. T.S. specialty steel business to a new IQcation. Therefore. the tota\ purchase price to be paid by Chesapeake was $3,140,000. At the time of our meeting. you indicated a willingness to negotiate and enter into a written purchase agreement and close on the purchase by spring of 2002. You also stated that closing would not be contingent upon pre-leasing or finding a major anchor or corporate end-user. You asked for and we provided copies of the A,T,S, building plans and survey, which were delivered to your legal counsel, John Dram. in early September 2001. Subsequently in September of 2001, you withdrew Chesapeake's prior offer and declined.... to pursue the . purchase further. . . ~~/6 .68d!9vB#~( !~8:6 ~O/PO/60 ! I7B8L05P ~59 .V.d'Jal1T~~(ual1T8'JapU~^al :Aq luaS