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JUL -22 -2003 12:36 <br />SHERMAN ASSOCIATES INC 612 332 8119 P.02 <br />July 22, 2003 <br />MR. KURT TREU <br />US BANCORP CENTER <br />BC MN HO2T <br />800 NICOLLET MALL <br />MINNEAPOLIS, MN 55402 <br />Dear Kurt: <br />We are writing to follow up our previous meetings and conversations <br />about the relocation possibilities for the US Bank facility on Rice Street <br />and Little Canada Road. We have now completed our site plan approvals <br />and development contract with the City of Little Canada. Both the City <br />of Little Canada and ourselves are still encouraging U5 Bank to look at <br />the current or future potential of relocating the current bank facility <br />forward toward Rice Street. <br />We have enclosed a site plan that provides the possibility for the bank to <br />relocate now or in the future on their existing property. As an incentive <br />for the bank to relocate, Sherman Associates is prepared to offer <br />$250,000 for the back portion of the existing US Bank site if the Bank <br />relocates sometime prior to the end of 2005. <br />Please contact us if you have any questions or interest. <br />Sincerely, <br />SHERMAN ASSOCIATES, INC. <br />George E. Sherman <br />TOTAL P.02 <br />