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SELECT SENIOR LIVING OF MOUNDS VIEW, LLC. <br />12415 — 55' Street N. <br />Lake Elmo MN 55042 <br />Ph: (651) 439-2414 Fax: (651) 439-3254 <br />September 20, 2011 <br />Ms. Heidi Heller, Planning Associate <br />CITY OF MOUNDS VIEW <br />2401 Highway 10 <br />Mounds View MN 55112 <br />Re: Assisted living project <br />Highway 10 & Groveland <br />Dear Ms. Heller: <br />Unfortunately, Select Senior Living of Mounds View, LLC finds it necessary to once again <br />request a re -approval of the final plat and development agreement for its senior care facility to <br />be constructed at Highway 10 and Groveland Avenue. <br />We are still waiting for the bond market to correct its self before the bonds can be sold. We do <br />not have any good news on the bond market at this time and need to wait for the market to <br />change. We have also started working on a new finance option with a hedge fund to finance this <br />project and will hear within the next 30 days if they will move forward with financing. We are <br />anxiously waiting to start construction. <br />Based on these changed circumstances, we respectfully request that re -approval of the final <br />plat and development agreement for this project be added to the City Council agenda for its <br />September or October meeting. We have made no changes to the project as originally <br />conceived and as approved in October 2008 and the demand for assisted living facilities within <br />the City has not changed. Again we feel the project is a good project and would like to start it as <br />soon as the market changes and the bonds are sold. <br />If you have any questions, please contact me at (651) 439-2414 (office), (651) 248-6785 (cell) <br />or by email at Ilarson(c�selectcompanies.ngt. We look forward to finally bringing this project to <br />fruition. <br />Sincerely, <br />Joel Larson, <br />Chief Manager <br />