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50 <br />Mike Morrison <br />Request For Extension of Fannie Mae Loan <br />May 22, 2007 <br />Page 2 <br />As the City is aware, the timing of the completion of the for -sale housing components has not <br />commenced or been completed as originally contemplated when the Development Agreement <br />was approved in late 2003 (due to slow down in condo market). Since this time, the City <br />Council and the Housing and Redevelopment Authority (HRA) have amended the <br />Development Agreement to reflect the changes in commencing and completing construction of <br />the for -sale housing. Pursuant to the 5d' Amendment to the Development Agreement, it is <br />anticipated that construction on the lst building in Phase 1B will commence by September 1, <br />2007 and construction on the 2nd building will commence by September 1, 2008 (2008 is the <br />soonest the remaining land sale proceeds of $800,000 will be available to pay off the <br />remaining principle on the loan). <br />We have had discussions with Fannie Mae regarding the extension request and they understand <br />the overall slow -down in the housing market and are willing to approve an extension request. <br />Please contact me at 651-697-8506 with any questions. <br />