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<br />J <br />~,i. ~ <br /> <br /> <br />SOUTHWIND HOl\1ES, INC. <br />2600 East County Road D <br />White Bear Lake, MN 55110 <br />773-8780 f: (Fax) 773-8265 <br /> <br />February 17, 1997 <br /> <br />Dennis Welch <br />City ofRoseville <br />2660 Civic Center Drive <br />Roseville, MN 55713 <br /> <br />Re: Letter of Intent to Purchase City Property <br />See attached Exhibit A <br />Herein known as the "Property" <br /> <br />Dear Mr. Welch, <br /> <br />After reviewing my development plan for the Property, my development company <br />has determined the fair market value to be $109,000.00, and we propose to pay $109,000.00 <br />cash. The only contingency would be approval of the City and my development company of all <br />final plans. Closing dates will be arranged based on this approval. <br />Concerning your request for affordable senior housing on the lots facing Burke Ave., there <br />are several considerations which would require an adjustment to the price of the Property. First, <br />our design needs to aesthetically blend with our proposed development and the adjoining neighborhood. <br />As such, I would incur additional design costs. Secondly, by replacing upscale townhome units with <br />affordable senior housing would be compromising our profit margins and will increase our marketing <br />expenses. With this in mind, we would be willing to move forward with the affordable senior housing <br />part of our development, however, we would need the purchase price of the Property to be reduced <br />to $68,000.00, which will net the City of Roseville, $41,000.00 cash. <br />Dennis, as you know, I am willing to work with the City, and believe this development will be <br />a great addition and asset to the community. Please let us know how the City wishes to proceed. Your <br />prompt response is greatly appreciated, as a great deal of work needs to be done before this development <br />is ready for spring. I look forward to working with you towards the successful completion of this <br />project. <br /> <br />Sincerel~ It ~ <br /> <br /> <br />Larry AIm <br />Southwind Homes <br />