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HASSEL & ENLOW A PROFESSIONAL ASSOCIATION FIRST NATIONAL BANK BUILDING 1055 EAST WAYZATA BOULEVARD WA YZATA. MINNESOTA 55391 TELEPHONE (812) 473-4402 October 18, 1989 FACSIMILE (812)473-4415 Craig Waldron City of Roseville 2660 Civic Center Drive Roseville, MN 55113 Re: Rosepointe Dear Craig: This letter is written in regard of the above reference matter. You indicated that the planning and development plans for Rosepointe provided that the garages located in connection with the old and rehabilitated apartment building are to be torn down as a part of the project. We inquired of the developer and have this response. The project was financed with 3 series of bonds, A, B, and C. A was to be used for the new building; B was to renovate the existing apartment building; and C is available to complete a linking building between the existing and renovated building. That linking building is to include underground and special parking for the entire project. The link specifically will have 40 parking spaces. The plan contemplates removal of the existing garages at such time as the third phase or linking building is constructed. Since the existing garages were unsightly, it was determined to face brick t.hem up to conform them to the exterior of the renovated building as an interim device. The developer indicates that it is still their plan to build the third or linking phase and at the time that construction is commenced or building permits obtained that the garages as they presently exist will be removed. I hope that this explanation meets with your understanding of the process. I would very much like to have us finalize our re-Development Agreement. Failure to do so has prevented Roseville from paying Borson its $50,000.00 share of the pond clearing work and is also preventing release of cash in the hands of the bond trustees which should be paid to the developer, but is reserved because of the $50,000.00 Roseville portion of the Borson work.