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[Letterhead of Premier Bank] <br /> Honorable Mayor and City Council <br /> City Hall <br /> 2660 Civic Center Drive <br /> Roseville, Minnesota 55113-1815 <br /> Re: Proposed Issuance of $4,500,000 Private School Facility Revenue Bonds <br /> (Concordia Academy Information/Technology Addition Project), Series <br /> 200 1 of the City of Roseville, Minnesota <br /> Mayor and Councilmembers: <br /> At the request of either The Lutheran High School Association of St. Paul or St. Paul <br /> Lutheran High School Association d/b/a Concordia Academy (the "Corporation"), we have <br /> conducted a study of the economic feasibility of the proposal that the City of Roseville, <br /> Minnesota (the "City"), issue one or more of its revenue bonds under the provisions of <br /> Minnesota Statutes, Sections 469.152 through 469.165 1, relating to municipal industrial <br /> development, to provide funds for refunding an existing mortgage note which financed <br /> improvements to the Corporation's facilities and also for financing the construction and <br /> equipping of an approximately 25,560 square foot three-level/two-story addition to the east-side <br /> of the existing high school building consisting of an information/technology center to house the <br /> existing distance learning lab, intemet lab, language lab, and the special needs classroom; with <br /> lower level locker rooms; and an elevator, for students in grades 9 through 12 (the "Project"). <br /> The addition, like the facilities financed by the obligation to be refunded, is located at 2400 <br /> North Dale Street in the City. The Project will be owned and operated by the Corporation. <br /> Our study has led us to the conclusion that on the basis of current financial conditions, <br /> the Project is economically feasible and the revenue bond(s) of the City can be successfully <br /> issued and sold. <br /> We understand a copy of this letter will be forwarded by the Roseville City Mayor to the <br /> Commissioner of the Department of Trade and Economic Development of the State of <br /> Minnesota to serve as the letter of feasibility required by the Commissioner. <br /> Very truly yours, <br /> PREMIERBANK <br /> BY <br /> Its <br /> 1343473vl <br />