1994-08-12 Cohen Development Project.From C 1 T'Y OF RLP~RTV I LLE PHOhE hlo. 497 321(7
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CC3!-i~N Lji/V1;L[3YMr;3V7' C(3M co. t~~c~'._
Pt.
1 ~ August, 149 r4, M
Jan. i0 1995 2:59PM PD1
smittai momo 7+t;T1 i ~ ~i t~o~R - ~-
Honorable Mayor
Michael Pottier
City of Albet'tville
59';15 Main Avenue NE
Albertville, Mi*t 55301
RE: Albertville Factory Stares
Dear Mayor Putter:
It was a ptessura meeting you and Hob Thistle yesterday in Alberiviile.
~Uhile further studp is required, our pretiminnry opinion is that your proposed site
adjacent to Interstate 94 ,and County Road l 9 in Albertville appears a logical and
excellent choice for a fourth factory outlet center within the Minneapolis/St. Paul region.
This letter shall confirm my understanding that, subject to the necessary municipal review
and approvals, the City of Albertville is prepared to pursue with Cohen Development
Company a Development Agreement far a factory outlet center at I-94 and County Road
l9 subject to the fallowing basic conditions:
3. The Clty of Albertville would provide the Iand for the development.
2. The City of Aiberiville would agree to find and execute the canstructian of art off
ramp from I-94 for northbound traff c to the site.
3. The City of Albertville would agree to fund ar reimburse the cost of all necessary
public infrastructure improvements to and on the site to acconunvdate the
development.
4_ 'The City of Albertville would agc~ee to provide artd allow the Developer to participflte
in any tax abatements, subsidies, ar I;ocal Goverxtrtsent Aid to the extent available_
r
5. Finally, the City of Albertville would agree to participate in that portion of the
Developer's marketing effort which is directly related to and used exclusively for the
national promotion of the Gity of Albertville a.~ a prime location for a factory outlet
center.
Development 406 South West Washington Street, Peoria, Illinois 616D2 309/ B73/ 0790 FaY 3D9/673/ 4308
Management Complete Develagmes-t, Management, and Leasing of Shopping Centers
Investments and Commercial Real Estate since 170_
Leasing ~~~ Member Fnternatianat Council aPShopping Centers
Realtors -
_ From CITY OF ALb~P,TV I LLE _ PHOhE No. =197 3210 Jan. 10 1541 3: 02F'M P01
F
page 2
Mayor Potter Ltr.
As discussed, Cohen I]evelopment will immediately prepare a proforma f"or Bab Thistle
so that he may ealcuL~te the potcatiai ta^c Implications of this proposed deveIoprnent and
allow the City to reflect an the victbi]ity of these bx~ic conditiot~s_ Accordingly, we hove
retuincd IbicCornl7s Frank fi.oos Associates. Inc. of Yfymouth, Minnesota to prepare ~
estimate of the ne:e:essary public impr8vcments so that we may more safely incorporate
these numbers in#o our lsrc~formet_
am' prof4rma will immediately follow the report £ron2l~icCvmbs et.ai., which I hope tct
receive within the nett riv~o ic7 three weeks. tJntiI then, please do keep me abreast of any
deveIdpments related to tend acquisition and th,e political climate in your town iq
response to this gropvsed protect. For your interest in this regard, I am enclosing an off _.
print of the September 1991 Value Retail News survey of the impact Factory Q~stlet
Shopping Centers can have on fawns such as AlbettviIle. I hope you wilt Find it
interesting reading.
Thank you again for your time and considexation yesterday. We Iaak forward to the
opporhmity of a successtu! project which will make a significant contribution to
Albertville's future.
Yours sincerely,
r
'r.~-~` '
`~~
.~•/' err
Les $. Cohen ',
'~R `Y Executive Vice President
T.BC/rkm
cc: Craig Aaderson
Robert Thistle
RAbert Colter
CCT-29-1994 15 ~ 0? ~r ~ I E DEUELCPt'!ENT ( SQ'7 36'7 2843
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