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BATON CdRPORAT ON <br />331 Second Avenue North <br />Minneapolis, MR 55401 <br />(612) 34.1-2886 <br />May 27, 1988 <br />Mr. Craig Waldron <br />Director of Community Development <br />City of Roseville <br />2660 Civic Center Drive <br />Roseville„ MN 55113 <br />Dear Craig: <br />I am writing this letter to summarize the many discussions which <br />we have had regarding the potential acquistion of the Lexington <br />School Site by Baton Corporation. The following is an outline of <br />the major points of these discussions. <br />1. Currently there is a valid purchase agreement for the <br />property between Mr. Gerald Kaufhold, Buyer and <br />Independent School District No. 623, Seller. Since <br />Kaufhold has the right to purchase this property we <br />would first need him to agree to relinquish his right <br />to the property. In discussions with him he has <br />indicated he would do so for S 292.000. <br />2. The purchase price between Kaufhold and the School <br />District is 1,008,000 which is the same price we <br />would have to offer in order for the School District to <br />consider a new agreement. Our offer would stipulate <br />that a portion of the purchase price would be paid over <br />time. They have hinted with a large .down payment this <br />may be possible. <br />3. The total acquistion cost to Baton Corporation for this <br />site would be as follows: <br />S 292,000 Purchase Kaufholds rights in the <br />property. <br />S 1,800,000 Price of the land plus Improvements. <br />S 1,300,000 Total Acquisition Costs. <br />4. The interest of Baton Corporation in the property would <br />be to develop a medium to high density multi -family <br />residential complex. Since it is economically <br />unfeasible to do so at a land cost 01,300,000 plus <br />demolition costs we would need the assistance of the <br />City of Roseville in order to facilitate a workable <br />situation. <br />1 <br />