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112121Joldings LLC <br />75 W Viking Drive it104 <br />Little Canada, MN 55111 <br />651 -484 -5635 <br />"fo: City of Little Canada <br />515 Lutle Canada Road Last <br />Little Canada, MN 55117-1600 <br />Attn: Mr. Joel Hanson <br />Re: Developer Deposit <br />85 W. Viking Drive <br />Little Canada, MN <br />Dear Joel, <br />September 8,2011 <br />As we discussed via e -mail I am providing the City with details which I believe has caused additional cost <br />to this project. <br />We entered into the purchase agreement 00 March 25, 2010 but did not close until October 6, 2010. That <br />period took longer than it should have, mainly due to the Title problems. Even after we closed on the land <br />our bank would not close on the construction loan due to the plat not being recorded. It finally closed after <br />we finished the project. <br />We needed to find outside funding to move this project forward or we would not have been able to start <br />until spring, which would have meant, my tenant would not have been open for business until lime 2011. <br />So 1 any asking the City of Little Canada to credit the Developer's deposit of 52,619.04 !br the following <br />reasons: <br />Additional interest cost <br />Additional legal to assist between the Lender and the Title company <br />Cost of lost rent for 2 months (i, $3,955.00 / per month <br />Winter conditions cost <br />'Dotal additional cost is: <br />833.00 <br />$ 1,760.00 <br />57,910.00 <br />$I 500.00 <br />512,003.00 <br />1 do believe that we always had the best interest of the city and the community in mind and we are pleased <br />with the businesses we have brought into the city. We have had a good working relationship with you and <br />your staff for several years and would like to keep this relationship on going. <br />Normally 1 would not ask for an adjustment but the time line was really out of our control. For this reason I <br />am asking for the city to credit the developers' deposit. <br />Please let me know if you need additional inforulation. <br />Sincerely, <br />cue ptetn.,a ----%. <br />Reg Plowman, Chief Manager <br />JRR holdings 1,LC <br />2 <br />SEP 1 2 7011 <br />GI Ili OF LI ITLE CANADA <br />