2003-11-12 Wells Fargo Bank LetterFROM : CITY OF ALBERTVILLE FAX NO. : 7634973210 Nov. 11 2003 03:22PM P2
•
bertvi f le . 5975 Main Avenue N.E. • R.O. BOX 9 • Albertville, MN 55301 • (763) 497-3384 • fox: (763) 497-3210
�` SM611 T n Whig. Big [ny urs. y
y
Novembcr 12, 2003
r
Wells Fargo Bank, National Association
Commercial Mortgage Origination
123 North Wacker Drive, Suite 1900
M Chicago, Illinois 60606 ,
Re: Albertville Crossing
The scope of this letter is limited to the following properties:
Trot 1, $lock 1, Albertville Crossings 2Id Addition;
Lot 2, Block 1, Albertville Crossings 2" d Addition;
Lots 1, 2, & 3, Albertville Crossings.
This letter serves to certify as to -the obligaitions of Cascade Land Co., LLC ("Developer")
under the following Developer's Agreements in relation only to the properties described ,
above: -
1. Thai certain Developer's Agreement dated November 2, 1999 and fi led November ,9,
1999, as Document No. 694771.in the Wright County Recorder's Office; and ,.
2. That certain Developer's/Planned Unit Development Agreement/Conditional Use
Agreement, dated April 30, Z002; filed May 3, 2002, as Document No. 789447 in, the
.Wright County Recorder's Office; and
3. That certain Developer's/PIanned Unit Development Agreement/Conditional Use
Agreement, dated December 31, 2002 filed December 31, 2002 as Document No.
824396 in the Wright County Recorder's Office.
The City has no knowledge of a current default in any of such. Developer's Agreements
affecting the above -described properties. As of this writing, the Developer remains
obligated to perform the following: -
1. Clean out the city storm water detention pond on the east side of Lachman Avenue
adjacent to the e:5isting wetland between Lathrman and Lambert Avenues. It is the
City's understanding that the grading contraetor,'fwrin Pines Excavating, bas agreed
r 4
FROM CITY OF ALBERTVILLE FAX No. : 7634973210 Nov. 11 2003 03:22PM P3
roto clean out this pond at its expense. In the event that Twin fines Excavating does not
clean the pond, the Developer will remain obligated to clean the pond.
Y
2. Pay one-half of the cost of the installation of a trafficlight at the intersection of
Wright County Highway 19 and 57`h Street, Although the -exact dollar amount of the
Developer's share is not yet available, the Developer's estimated share of this
obligation is $110.,000. Subsequent to the execution of Document no. 789447, the
City, KTJ Limited Partnership Seventy -Four ("KTJ"), and Commercial Partners Title,
LLC '("Title Company") executed an agreement which provided that KTJ would be
responsible for 30% of the cost of the traffic signal, and required KTJ to escrow
$67,500 with the Title Company to pay such 30% share upon Milling by the City. "As
of this writing, KTJ's estimated share of traffic signal is $66,000. ,Assuming that the
money remains in escrow, the City expects KT7's share of the traffic light expenses to
be satisfied by this escrow. The remaining estimated $44,000 expense of the traffic
signal would continue to be an obligation of the Developer.
There remains an outstanding special assessment of $31,000 for sewer access charges
on the following parcel of Albertville Crossings 2nd Addition:. Lot 2, Block 1. This levy
was approved by the Albertville City Council on November 3, 2003. The assessment is
payable in equal annual principal installments extending over a period of five (5) years,
the first of the installments to be payable on or before the first Monday of January, 2004,
and plus interest at a rate of 6% per annum from November 3, 2003,until December 31,
2004. To each subsequent installment when due shall be added interest for one year on
all unpaid,, installments. This obligation arose independent of the Developer's
Agreements listed above.
Sincerely,
Linda Goeb
City Administrator
. y
1