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<br />EXHIBIT B <br /> <br />~ <br />ROTTLUND HOMES™ <br /> <br />~ <br />7:7!-r/d5 <br /> <br />A DMSION OF THE ROTTLUND COMPANY, INC. <br /> <br />March 4, 2005 <br /> <br />Mr. Neal Beets, <br />City Manager, <br />City of Roseville, <br />2660 Civic Center Drive, <br />Roseville, MN <br />55113-1899 <br /> <br />Dear Mr. Beets, <br /> <br />RE: Contract for Exclusive Negotiations <br />Twin Lakes Redevelopment <br /> <br />This is further to our attendance before Roseville City Council on February 28,2005. <br /> <br />In accordance with questions posed by Councilor Thlan and a commitment made by Rottlund <br />Homes, attached you will find a revised "Twin Lakes Redevelopment Proforma - Sources and <br />Uses". This statement incorporates revenue forecasts from the development of an office building <br />on the Dorso property. The impact ofthis addition has been to reduce net income slightly. This is <br />due to the allocated cost of development exceeding projected revenue from the finished office <br />building. <br /> <br />This information along with the assumptions, runs and associated detail has been provided Krass <br />Monroe. <br /> <br />We trust this provide the further information promised Council. Should you require anything <br />further, please do not hesitate to contact me directly. <br /> <br />Yours very truly, <br /> <br /> <br />~l~ <br /> <br />~ i~~resident, <br />Minnesota Division <br /> <br />JMN/jrnn <br /> <br />Encls. <br /> <br />c.c. Dennis Welsch, City of Roseville <br /> <br />J <br /> <br />@ <br />uc~~s~UJlfi~~ M LS Eog~6'f-M~~~ <br /> <br />3065 CENTRE POlNTE DRIVE ROSh"VILLE, MN 55113 <br /> <br />(651) 638-0500 FAX (651) 638-0501 <br />