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S. Grittman <br />June 24, 2002 <br />Page 2 <br />Ponding. Attached is a letter from the Ramsey Watershed that no ponding will be <br />required at this parcel. <br />Roads. We plan to construct two roads, the first to run along the east parcel side to create <br />an entrance into the property in the back. The second road will be to divide the two front <br />parcels and another entrance into the back parcel. No special requirements will be <br />needed for these roads. <br />No exact dates are set yet for all this to take place. As soon as economic conditions <br />improve, we need to go to outside storage. We plan to market the land immediately for <br />sale and try to get a new building built. <br />At present we are seeing 14 -18% vacancies in the Industrial Marketplace. We feel that <br />its in our, and the City of Little Canada's, long term to find an owner to build his new <br />place of business here. <br />Please feel free to contact us. We feel we have redeveloped the site as to what the <br />council wanted. It gives a new Land site and possible building of over 30,000 sq ft on <br />Parcel 1. But it also shows that we plan to add to Parcel 3 two buildings up to 40,000 sq <br />ft. This will give the City 70,000 sq ft of new office warehouse facilities for tax <br />purposes. <br />Sincerely, <br />Carl Johnson <br />Drywall Supply <br />cc: Joel Hansen <br />