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• <br />ORONO <br />ICE ARENA INC. <br />BOX 205 <br />LONG LAKE, MN 55356 <br />JAN 1.4 1997 <br />January 14, 1997 <br />Mr. Ron Moorse <br />City Administrator <br />City of Orono <br />P.O. Box 66 <br />Crystal Bay, MN 55323 <br />Re; Orono Ice Arena <br />Dear Ron: <br />The City of Orono is today issuing its building <br />permit for our Orono Ice Arena project, and we are paying <br />fee of $25,262.25 ($10,800 for Metropolitan Council SAC <br />charges on 12 sewer units, and the balance for the City's <br />fees and costs) for that permit. <br />We want in this letter to confirm the discussions <br />we have been having regarding our obligation to pay an <br />additional $101,880 (12 times $8,490) to the City in <br />connection with that permit, for the City's separate sewer <br />and water charges. ^ <br />We have discussed a proposal that the $101,880 be <br />payable annually over five years, with interest to be <br />determined (perhaps based more or less on the City's rate of <br />investment return), and with the unpaid amount secured by an <br />acceptable bank letter of credit. We have not specifically <br />discussed the amount of the dov/n payment on that installment <br />obligation, but it would be helpful to us to have it as <br />small as reasonably possible, especially given the letter of <br />credit protection for the balance. <br />In any event, we acknowledge that those charges <br />are owed with the issuance of the building permit, and we <br />look forward to establishing with the City the basis on <br />Which they will be paid. <br />Thank you very much for your cooperation. <br />Very truly yours. <br />ME/pkb <br />Mark Engebretson <br />1