1995-12-29 Cohen Development Distribution Center1:' ~' COi3EN r?EVEI1JP~tEI+t'r COMPANY
~~ Dec~mbeY, 1995
Mr. Scott Abernathy
Tl1e l~eewaydin Gxoeap
1922 IDS Center
Sd South Eiahth Street
Minneapolis, ~riinnesota 554?
RE: Dis#ribrrteon Center Sete 32egruremenis
~3lbertv~lle, htinnesata
Privile +nd nnfid ntiat
Dear Scott,
486 sW was3iington
Peoria, Illinois 616tI2
Te! ~3b4} 673-0790
hex (.iG9} S73-f34S
Than[c you far your letter of December 26, 1995, regarding your interest in our proposed
industxal development in Albertville, Minnesota. as a potential site for your near 241,6~}~ square
foot "Distribution Center".
Pursuant to your letter, and to our recent telephone conversatiaxts, I'txt pleased t4 infot~n you that
Cohen Development Company is prepared to offer T~ewaydin thirty ttiva (32) of
development land tthe "property") withixl the industrial portion of aelr groFo~d 135 acre m:..ed
use development {the "Development"} located ilnmediazel~r adjacent to Interstate 94, and CAS l9
in Albem~ille, ?vnnesota, subject to the l`ollc~wing teens and conditions:
1 , T11s property shall be located within the $(} acre portion of the developoment identified as
industrial an our September 19, 1995 rrxaster site plan {copy enclased~. The specific location
of'the property, which shall be mutually agreed by K.eewaydin and Cohen DevelQptneat
Cornpany, shall allow access to feature industrial development'~xrithin this StJ acne portion.
2. The purchase price far the property shall be eight 1lundred thousaad {$BGD,UOt~} provided
closing occurs no later than April 1, 1996.
3 ~7hile it is our tmderstarfding that the property is currently "buildable", that all
utilities are'"ta the site", and that pmpei•:~tdustrial zoning is currently in place for the
portion of the property under consideration, ptzrcllase at ttl,e p~+perty must lre compiewu ou
an "`as is" basis. Cohen ~velopment Company assumes no zvesponsibility for, nor provides
any express ar implied warranties as to, the condition or suitability of this .land far your
proposed de~relopment.
~4P+n$ Cem,,te Uevehipment Memk~er Cnucsaatiaast
and 4i9tls,~E+rltn[ since 1970. Conncl ai ShOppi~; Ctnitn ......rte' -
1
~r
~O ' d ~lt)1~l
u(J
Executive Vice President
~a~~ 2
A6ematl:y I.tr.
4. With respect to e~ronamic assistance for land acquisition, ~1'rastnxcture de~relopment and
building pad preparation, and any other economic and/or municipal assistance, beyond our
revised purchase prise, Cohen Development Company is currently unabla, to provide any
ftiuther eaonamic ar cle~relagment assistance which will meet your narrow eriteri3 and
timetable for de~relapment in April, I g96. In lieu aE such assistance from us, w~e ask that
you enter into discussitrna directly with "rhe City afAlbertville. Accordingly, we five
today provided the telephone numbers afMr. Mike Co~ui., City Attorney f+or, Albertville,
and Mx.13ob'~istle, of Springsted, Einan~cial Advisor to the City ofAltaert~viIle. ~'au have
already made contact with Mr. Garrison Hale, City Administrator.
This offer shall rem8in available to K.eevvaydin until January 15, 1995.
Vile thank. you for your interest. in ot~r development, and hope that our superb location tiuill
sati~"y your cliert's foremost rec~uiretneztts.
If you have any further questions, please da not heaitate to contact me.
iviiia sinc~Ip,
~,.eS B
l:.,EC, rkm
CC: Gary Hale, City of Albertville
liriike Couri, Esq., City of Albertville
Mike ~eghetti, Esq., Keck, l~tahin ~ Cate
Cr~7'1g Anderson
12obert 5. Gohen