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<br />. <br /> <br />. <br /> <br />. <br /> <br /> <br />August 22, 2003 <br /> <br />RECEIVEDl <br />AUG 2 5 Z003 I <br />CITY OF ARDEN HillS I <br /> <br />Mr. Aaron Parrish <br />City Planner <br />City of Arden Hills <br />1245 West Highway 96 <br />Arden Hills, MN 55112-5794 <br /> <br />RE: Interstate Crossing - Arden Hills <br /> <br />Dear Aaron: <br /> <br />We respectfully ask for your consideration in our request to extend our Master PUD for an <br />additional twenty-four (24) months. Although we have been unsuccessful in securing an anchor <br />tenant at the time, there are a number of circumstances beyond OUT control that have drastically <br />affected our efforts. The following is a summary for your review. <br /> <br />Conditions of the Economv: <br /> <br />We acquired our property in December, 2000. Since that time, we have endured a number of <br />events that took our economy from the "pre-bubble" heights of the Dot.com/high tech stock days <br />to a substantial economic recession. In quick succession, we experienced the crash of the stock <br />market from the Dot.comJTech industry, 9/1 1/2001, Mghanistan war, Enron/World Com, etc., <br />and the Iraq war. <br /> <br />Many companies have struggled to survive, greatly reducing their space needs, much less need <br />new space. <br /> <br />11100 WAYZATA BOULEVARD. SUITE 766. MINNETONKA, MINNESOTA 55505 <br />TELEPHONE (952) 847.2444 . FAX (952) 595-8247 <br />