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Mr. Al Ol son <br />City of Orono <br />P.O. Box 66 <br />crystal Bay, tN 55323 <br />Dear Mr. Olson: <br />On October 21st I received your letter plus a copy of the letter to Gladys <br />Olson. iia are still negotiating the purchase of the Olson property for davel- <br />opmnt. The purchase involves several complications one of vhich is the fact <br />that lots 21 thru 29 are held as security by the Richfield Bank in a loan on <br />the Olson property and until we can unwind all the complications including the <br />refinancing of the loan to the Richfield Bank to finalixe the purchase of the <br />Olson property, we cannot provide the $5,000.00 performance bond requested by <br />the city and I don't feel Gladys can provide the bond at this point in time. <br />Further, due to the involvement of the Richfield Bank, I don't think that <br />connection of city sewer to the Olson property can be achieved at this time. <br />Wo hope to resolve these problems within the next 30 days and we will contact <br />you as soon as we have completed a purchase agress at onthe party. <br />I! I can answer any other questions rending the Olson pyo y, please can <br />CCs Gordon Taylor, Attorney <br />6 Gladys Olson <br />1Ca�s W. ilasterl=d <br />aSV nt <br />ALLIh:j TWMOM COl48T>1tH.TIOii <br />INC. <br />Designees a $udders o re6ps Suite 220 416 Hernepin Eost Mirfeapolis Minnesota 55414 02 o 379 7750 <br />