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Page 3 of 3 <br />Master Developer to ensure that both developments move forward. Each developer will have their own <br />financing partner for their respective development. In light of the current economic market, we <br />cannot be held responsible to ensure our neighboring developer will move forward with their <br />development. Will the City require any sort of development guarantee that requires either the senior <br />living or residential developer to develop the entire site? <br />Those are my questions, per Bill's request. Up and above all the questions, #1 is the one that could lead us to <br />look to other development sites. We cannot have significant uncertainty prior to approval if we spend a quarter <br />of a million dollars. <br />Thanks for you review, and please don't hesitate to call if you have any questions. <br />Eric Anderson & Todd Novaczyk <br />Eric Anderson I Director of Development <br />Ryan Companies US, Ina 1 50 South Tenth Street, Suite 300, Minneapolis, MN 55403-2012 <br />612-492-4629 tel 1612-492-3629 fax WWW RYANCOMPANIES_COM <br />xJ cid:imageC <br />https://rcmail. co.ramsey.mn.uslJean.Reiter/Inbox/F W : %20Gem%2OLake%20PC%202010... 4/20/2010 <br />