HomeMy WebLinkAbout10-29-1980 Letter, Legal Status of PropertyMr. Al Ol son
City of Orono
P.O. Box 66
crystal Bay, tN 55323
Dear Mr. Olson:
On October 21st I received your letter plus a copy of the letter to Gladys
Olson. iia are still negotiating the purchase of the Olson property for davel-
opmnt. The purchase involves several complications one of vhich is the fact
that lots 21 thru 29 are held as security by the Richfield Bank in a loan on
the Olson property and until we can unwind all the complications including the
refinancing of the loan to the Richfield Bank to finalixe the purchase of the
Olson property, we cannot provide the $5,000.00 performance bond requested by
the city and I don't feel Gladys can provide the bond at this point in time.
Further, due to the involvement of the Richfield Bank, I don't think that
connection of city sewer to the Olson property can be achieved at this time.
Wo hope to resolve these problems within the next 30 days and we will contact
you as soon as we have completed a purchase agress at onthe party.
I! I can answer any other questions rending the Olson pyo y, please can
CCs Gordon Taylor, Attorney
6 Gladys Olson
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Designees a $udders o re6ps Suite 220 416 Hernepin Eost Mirfeapolis Minnesota 55414 02 o 379 7750