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December 19, 2007 <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />Attn: Mr. Joel Hanson, City Administrator <br />Dear Mr. Hanson: <br />Regarding the 0.62 acres of vacant land along Viking Drive and Natures Way East. We <br />are in receipt of the appraisal and estimated value of said property commonly called <br />"Heather Oaks ". The estimated market value and cost of improving this property have <br />led us to the conclusion that it would be a non profitable site for us to develop. <br />Therefore, we would like to donate the property to the City of Little Canada (Outlots <br />A, C and D) and obtain a tax credit for a charitable contribution. The process called <br />8283 NON CASH CHARITABLE CONTRIBUTION requires us to obtain an <br />appraisal for the property by a certified appraiser. Using this appraisal minus any <br />required reductions, the donating party is allowed to claim it on their schedule K -1 Tax <br />Return. More rules may apply but we will deed the city the property free and clear to do <br />with as they see fit. <br />Please consider this at your earliest meeting and respond to me so I can get the ball <br />rolling. <br />Sincerely, <br />CYPRESS DEVELOPMENT COMPANY <br />AND ERCO, INC. <br />Edwin Dropps, Jr <br />9298 Central Avenue NE <br />Suite 108 <br />Blaine MN 55434 <br />763 - 757 -5480 (Office) <br />612- 616 -9613 (Cell) <br />-2 <br />