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February 26, 2002 Mr. Joel Hanson, Administrator City of Little Canada 515 Little Canada Rd E Little Canada, MN 55117 -1633 Re: Progress of Proposed Office Building in Little Canada Dear Joel, As discussed with you by telephone on February 26, 2002, I wish to report the following: 1. After a 2 -hour meeting with our mechanical engineering prospect, two things were evident: a. This firm is looking for a possession date of December 2003 or January 2004. b. They wish to investigate a site in Vadnais Heights prior to a final decision. 2. We believe that any similar large space user will have Issues that will take time to overcome. The smaller square footage prospects should fall in line after one or two primary tenants have been located. We would like the council to consider the following steps to encourage us to continue to work and go forward on this difficult task. The difficult task that t am referring to is to pre -lease space to satisfy our conventional lender and to go forward with the construction. Our proposed steps are as follows: a. Finalize a development agreement with Little Canada so that we have a firm understanding of terms and incentives. b. By agreement, have a reasonable period of time to implement a marketing program. This should be similar to the period that the developer south of Little Canada Road is requesting. c. We are interviewing a Real Estate Marketing firm on Friday as one new option to aid us in moving forward. 3. Finally, if the City of Little Canada is interested in providing public financing and wishes to proceed without tenants, then a specific program can be established. We would only be interested In providing professional development and construction management services. We would not request to be the only firm considered for ultimate ownership, after the property is stabilized. Sincerely, Ron Morton c: File Page 1 of 1 02/26/02Imv Page 1