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MARCOP ConstructioR <br />1171 West Larpenteur <br />St. Paul, Minnesota 55113 <br />612-488-7258 <br />May 2, 1984 <br />Mr. David Drown <br />Assistant City Engineer <br />City of Roseville <br />2660 Civic Center Drive <br />Roseville, MN 55113 <br />Re: Marco Construction Co. <br />Rosewood Center Project <br />Dear Mr. Drown: <br />This will confirm our understanding regarding the City's aquisition of <br />right-of-way for the realignment of the North Snelling Avenue frontage road <br />adjacent to the proposed Rosewood Center. <br />Conditioned upon approval of the project and the issuance of a building permit <br />for the same, it is agreed that Marco Construction Co., Inc., will grant to the <br />City of Roseville an option to purchase 15,0 V to 18,000 square feet on the <br />South end of the project for $7.50 per square foot. As you know, this is less <br />per square foot than we paid for the property, however, we agree to this price <br />subject to the following terms: <br />1. The option shall be exercised by written notice to Marco or its <br />successors or assigns during the two year option period, and if not exercised <br />during that time, the option shall expire. <br />2. We shall not be entitled to compensation for any temporary <br />improvements which we erect in the right-of-way. <br />3. We shall pay for that portion of the driveway closures and openings <br />not in the right-of-way. <br />4. We shall pay our proportionate share of reasonable assessments for <br />improvements benefiting the parcel. <br />5. We shall comply with all applicable building codes in connection <br />with the construction of the project. <br />6. The City will cooperate with us in obtaining approval of the site <br />plan by the Rice Creek Watershed District. <br />If acceptable, the foregoing terms may be incorporated in the option <br />which we will execute upon our closing of the land purchase now scheduled for <br />June lst, 1984. Please have the City Attorney contact me to work out the <br />details of the option when he is ready to begin1drafting. <br />Sincerely, <br />NORM%N M BRODY <br />VICE PRESIDENT <br />CO. <br />NMB:lc <br />