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<br />
<br />4@WOIiGr:ouP
<br />b~lIQspiti'l.}ity : GrQiip
<br />lie EesideritialAna.lytics Group
<br />
<br />The Corpfri'ateatidluvestmeIit GfCitrp
<br />TheAYia.:tiq!).Grol.J,:Q
<br />
<br />Febru~ry 14, 2005
<br />
<br />Mr. J. Miphael No9nal1
<br />Vk~ Pre$ip~nf
<br />,RotfJundlIomes:
<br />306SGeflfre Paitite biiVe
<br />.. .-..,...... .' ..-....... ..' -."..,_.......' .-....... ,.....
<br />
<br />RosevilJef Mh)l)eSotil 55 r13
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<br />$URJECTtRcal"Estat~1V(atk~t A~$essjjj~Q t,~ Peman,dAt)alySi$f'ot
<br />TWli:lLake's' :Redevelopment, 'ph3~eT
<br />RoseviHe, Minnesota
<br />
<br />GV A 'File No, 05001
<br />
<br />Dear MiphaeI':
<br />
<br />IIi aooofdanoewithyour reqliest~ \ve have CQb1pl~t~d' otIrlnatket. ?$s,~s$mel1t,ai1dd~ro~l1d~PJtlY:si$
<br />to a,~sist you in pli:thnipgfQfa mixeshw;e dev~lopmem kpo{Yn as TWin Lak,e.~ Dna stte:]Qel+te~il:1
<br />Roseville; Minnesota. ". This report outlines ourke,~ findings regarding the! histoJkaI",cutrentand
<br />projeoted market erivironment for for-salE';'iUultifarhily hQ'u$in!S;, .~ei1iorcQnpos:, t~tq;illr<?~t~n)taJ)l
<br />and office devel'dpmepL tIw report pi"Q"lqes a fQWPc:i$tof'ovyr;;ill market clePlal+Idf6r eq.~lT
<br />proposed development component and 'all analysis ofwnether tner~ is,; suffidentl'tiark<:it, SJ1PPQrtfot
<br />theproj~ctas proPQsl';tl. As disctisscdj tbj~a$$e$s)nent \'$ Jl1XepQe'i;l,tq p,eptelhhi!l~W i)Xfla,Wte;
<br />jrit~pded tQ J),l'QVige<li) owrview qf die mllrkytan4 the qel1l11J:lcl fq.l' the Vfl,l'jQU$lal1q~llSe~~JTleDtion:ed
<br />above" The report does not constitute a feasibility study. The. G.QJ1clusi0us atebased;u,pori: '~;re.vj~w
<br />Qf i:edevantd~iiiogr;lPhiG indiciilt61'S Clhpa broad q.$$e:S$li1~ht Qf iTi)ltket C()f\giti()n'~,~hJIshQq]q be
<br />'$lLbject tQ Tlfore' detailed feasibility analyses through'Qut the development planninKProcess,
<br />
<br />w~ l'~Juainavl:}ilabJe,toan$Wer a1))( qJ)estiQuscthatrrlaY'[(fi'se te$'(,t:rg:ii1g tl1eiJlfonn~tip1i, pt'~$elJted flY
<br />tillS report. Tnankyou for inviting us. to a~sjstyou inevaluatiugthisdevelopment opportuniiy~
<br />We look forward to, working with you <:jgain l11tlw'futute',
<br />
<br />$incerely,
<br />
<br />OVA J\1ARQUE'rt:e AD'\lISQ.R$
<br />/~ .........
<br />
<br />Lo,ujsW FtiUitlai), CRS, MAT
<br />Ptesi~ent
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<br />
<br />Btc]1t \V'jrt~ng-erg
<br />Vice President.
<br />
<br />~
<br />
<br />~AWbH(hvi\:le Nortl1~edc~ri YWH~#o4 ~. Gtlh~W#,Jig Qffj.c!=)s
<br />MInneapolis Office: 333 f;l, 7th ~t~eet~SUite2300'; ~WieaP9lis, Ml{5p4q2
<br />P,Jione:6r~.3.35;8Sa81 F'a:x:.; 612;33+3022
<br />Seattle Offic,e:22525f;lE ?4t~Plll~e"S]litI?1$Q; rS~~q\loah, WA9$P27
<br />Phone: 425-392"7482; Fax 425-392-7330
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