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<br />HERITAGE LANDING <br /> <br />Development <br /> <br />C 0 ,m P' any <br /> <br />March 8, 2007 <br /> <br />Jeremy Barnhart <br />City of Elk River <br />13065 Orono Parkway <br />Elk River, MN. 55330 <br /> <br />Mr. Barnhart, <br />Due to drastically changed marketconditions we would like to request a one year <br />extension on the deadlines to record the lIeritage'.MaplesTownhome fmal plat. Both our <br />proposed lenders and builders are reluctant to proceed with this project at this time. <br />We still believe the HeritageMaples project is a much needed 55+ community asset. <br />We feel it would be better both for the City of Elk River, the builders, and ourselves to <br />delaythe.startofthis projectfor a short time rather than to have empty developed lots at <br />this site. During the 18 months of the approval process the townhouse market gradually <br />eroded to its present condition. we expect a slow recovery in this market.segment in the <br />near future, but we believe it would be prudent to have the option of a slight delay to the <br />beginningofthis development. . <br /> <br /> <br />e Landing Development, Inc <br />G. Chuba, CFO <br /> <br />West Oaks of Elk River,LLC <br />George Sanford, Manager <br /> <br />Z1P <br />rf~ <br /> <br />,~t. <br /> <br /> <br />Elk River, MN 55330 <br /> <br />. Phone (Ul2) 441-4488 <br />C-1&3 ) <br />