March 16, 2004
Mr. Evan Barrett
Butte Local Development Corporation
305 West Mercury, Suite 101
Butte, MT 59701
Thank you for the bid of $215,000 for approximately 12.694 acres of land in the Butte Industrial Park on Basin Creek Road in Butte, Montana. This property includes Lots 13, 14 and part of Lot 15 in the Butte Industrial Park. This offer is accepted subject to approval by the Montana Board of Regents of Higher Education and review by the Montana Board of Land Commissioners. Montana Tech of The University of Montana will request that the Montana Board of Regents of Higher Education consider this offer at the meeting scheduled for March 25 and 26, 2004, in Dillon, Montana.
In order to avoid the Additional Items on page two of your offer from creating a complication in this transaction, I can state that the Montana Board of Regents of Higher Education can legally sell land only by Quit Claim deed, regardless of the removal of other restrictions. You may wish to review MCA Section 20-25-307 (7).
Montana Tech of The University of Montana is happy to discuss with the BLDC the remaining part of Lot 15. However, since you have a desire to complete this transaction as quickly as possible, I believe it would be advisable to submit any additional purchase to the Montana Board of Regents of Higher Education as a separate item to be considered at a later meeting.
Thank you for this offer. We are pleased to work with you to complete this transaction.
W. Franklin Gilmore