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SANDELIN <br />30849 FIRST STREET <br />P.O. Box 298 <br />PAUL J. SANDELIN PEQuoT LAKEs, MRiNESoTA 56472 TELEPHONE (218) 568 -8481 <br />ATTORNEY AT LA1v FAx (218) 568 -8444 <br />wN R:Sandelttllawcom <br />August 22, 2011 <br />City of Pequot Lakes <br />Attn: Sandy Peine, City Clerk <br />4638 County Road 11 <br />Pequot Lakes, MN 56472 <br />Re: Cit3i of Pequot Lakes /Lime Greener TIFDistriet 1 -9 <br />Our File No. 25000.115 <br />Dear Sandy: <br />I spoke with Mary Ippel regarding the status of the Lime Greenery TIF District. The options for <br />the City at this point given the foreclosure would be to declare a default under the Development <br />Agreement under Section 6.1 of the Development Agreement and provide a 30 day notice to Ms. <br />Dale and to the Bank. This process would need to be followed before the City determines to <br />decertify the District. If you have any questions please contact me. Thank you. <br />Very truly yours, <br />Paul J. <br />PJS:jdf <br />SM- AMTEYTQ5000.1 I Sftinc.ltrl.doc <br />