From: Richard W. Donner [mailto:rdonner@reinhartlaw.com] Sent: Tuesday, December 30, 2014 11:31 AM To: Jud Wyant Cc: Jason S. Lohn; Rodney Blackwell (rodblackwell@yahoo.com); James Bowman (developerdad51@gmail.com); Jennifer Kakert (jkakert@fdp-usa.com) Subject: RE: 900 Water Street Racine Hi Jud – Rodney agreed to give up the $70K in roof repair. Please get me a revised closing statement and closing documents as soon as you can. We will need to speak to Elaine to see if the City is comfortable with lowering the purchase price to $1.35M but keeping the loan amount at $1.5M to fund the reserve. Thanks, Rick
Richard W. Donner Reinhart Boerner Van Deuren s.c. 1000 North Water Street, Suite 1700 | Milwaukee, WI 53202 Office: 414-298-8169 | Cell: 414-526-6492 | Fax: 414-298-8097 rdonner@reinhartlaw.com | vCard | reinhartlaw.com Legal Secretary: Cassandra Niesing | 414-298-8442 | cniesing@reinhartlaw.com
From: Jud Wyant <jwyant@wyantlaw.com> Date: Sun, Dec 28, 2014 at 3:19 PM Subject: RE: 900 Water - Purchase Agreement To: "Richard W. Donner" <rdonner@reinhartlaw.com> Cc: "Elaine Sutton Ekes (esekes@peglawfirm.com)" <esekes@peglawfirm.com>, rick olson <rickolson900@gmail.com>
This provision is not acceptable: 10% of the Purchase Price or $150,000 credit for costs associated with environmental remediation at the Property When I met w/ the city we agreed that the total price would be reduced from $4.5 to $3.3 which is clients bottom line. I attach a roof repair estimate at $>69k which we can have updated. There is no reason to go w/ the higher P & P proposal. In addition, because the city will not close on the remaining parcel until May, 2015 and we will have to carry the cost, the license fees paid by Miracle would be assigned to Olson for Jan-March.