2005-02-21 CU Agmt amendment
58 10TH AVENUE SOUTH
WAITE PARK, MN 56387
PHONE: (320) 253-0003
FAX (320) 253-0006
;RANITE CITVREAL ESTATE
February 21, 2005
City of Albertville
Attn: Mr.Larry Kruse
5975 MainAve. NE
Albertville, MN 55301
Re: Amendment of Conditional Use Agreement
Shoppesat Towne Lakes One
Dear Mr. Kruse:
The Owners of the Shoppes at Towne Lakes One hereby request a modification of the
Conditional Use Agreement forShoppes at Towne Lakes One dated February 3, 2004.
The original specified use for Lot 1 was for a Restaurant. We have been marketing the
site for. over 6 months and have received numerous rejections from national chains that
have cited the site is premature and that the area does not yet have the demographics
necessary to sustain an additional restaurant in this location. Moreover, the parking
requirements make the site only suitable for a small sit down or a fast food location.
However, the location is an excellent fit for a fmancial institution and we have been
contacted by several. Currently, we have entered into a letter of intent for the sale of the
Lot 1, to a financial institution; this sale is contingent upon the modification of the
Conditional Use Agreement, to allow for a financial institution in Lot 1.
With carrying costs and opportunity cost approaching $8,000 a month the owners would
be experiencing fmancial hardship if forced to wait for the demographics to improve to
accommodate a restaurant user, which could be as long as two years. If this were the
case the financial impact to the ownership group could exceed $192,000 dollars.
In an effort to avoid this financial hardship and accommodate the city's desire for
restaurants in the area weare proposing a restaurant site in Phase II. Please find attached
a site plan for Phase I and II with the restaurant pad called out in Phase II.
In light of these market forces we respectfully request an audience with the City Council
on March 7th, 2005 for consideration of our request. A copy .of the Conditional Use
Agreement is enclosed for your convenience.
SincerelY. ' __ ()
1:flJ-l. ;~
Daniel F. Tempel
President