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Mr. Joel Hanson <br />January 6, 2003 <br />Page ii <br />Summary <br />The Partnership believes the Escrow Fund will contain insufficient funds to pay for a <br />sprinkler system at The Provinces prior to the termination of the 4(d) class rate on <br />December 31, 2003. The Partnership wanted to infouu the City once this situation came <br />to our attention since the Agreement calls for dissolution of the Escrow upon termination <br />of the 4(d) class rate if funds are insufficient to sprinkler the buildings. Although the <br />sprinkler system will not be funded unless the City wants to contribute the $108,000 <br />shortage, substantial other improvements are underway or scheduled to be underway at <br />The Provinces. Project management has recently completed several improvements to the <br />exterior including tree removal, tree trimming, new landscaping and new parking area. <br />The return of the Escrow monies to the Partnership will help to fund capital <br />improvements including a new roof for one of the buildings ($88,000), redecorating the <br />common area corridors, etc. Please note that the agreement calls for the return of the <br />City's initial deposit of $38,850 plus accrued interest upon dissolution of the Escrow. <br />Please call me directly with any questions or comments. My direct line is (763) 354- <br />5609. <br />DOD/TIN-RIM DEVELOPMENT & ACQUISITION, LLC <br />Sincerely, <br />David E. Dye, MAI <br />2355 Polaris Lane North Suite [00 Minneapolis, MN 55447 Phone 763/354 -5500 Fax 763/354 -5650 <br />