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MOUNDS VIEW SELECT PROPERTIES, LLC. <br /> 12415—55'Street N. <br /> Coke Elmo MN 55042 <br /> Ph: (651)439-2414 Fax: (651)439-3254 <br /> October 12, 2009 <br /> Ms. Heidi Heller, Planning Associate <br /> CITY OF MOUNDS VIEW <br /> 2401 Highway 10 <br /> Founds View MN 55112 <br /> Re: Assisted living project <br /> Highway 10 & Groveland <br /> Dear Ms. Heller: <br /> Unfortunately, Mounds View Select Properties, LLC finds it necessary to once again request a <br /> -e-approval of the final plat and development agreement for its senior care facility to be <br /> =structed at Highway 10 and Groveland Avenue, <br /> At the time of the Council's previous re-approval on July 13, 2009, we had just received a <br /> 'financing commitment from a local bank that, along with bank-required equity dollars, was <br /> sufficient to complete our project. Over the past four months, we have concentrated our efforts <br /> on raising the bank-required equity dollars. While the bank remains committed, we have found <br /> it much harder than anticipated to raise the equity dollars. Equity investors these days appear <br /> to have committed a substantial amount of their funds to acquiring already constructed, <br /> distressed properties as apposed to new construction. Therefore, in financing our new project, <br /> we are competing against these distressed properties. While we have presented this project to <br /> several potential investors in vain, we currently have four different equity investors who are <br /> studying this project, all of whom have interest in new construction. We expect at least one of <br /> there to commit to invest within the next month. <br /> Based on these changed circumstances, we respectful[y 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 /> October 26, 2009 meeting. We have made no changes to the project as originally conceived <br /> and as approved in October 2008 and the demand for assisted living facilities within the City has <br /> not changed. We are hopeful of a quick re-approval so constructior of this project can <br /> commence. <br /> If you have any questions, please contact me at (651) 439-2414 (office), (651) 248-6785 (cell) <br /> or by email at jl arson CcNoldengate.net. We look forward to finally bringing this project to fruition. <br /> Sincerely, <br /> -4/1 1 <br /> Joel Larson, <br /> Vice President <br />