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March 6, 2008 <br />Jeremy Barnhart <br />City of Elk River <br />13065 Orono Pazkway <br />Elk River, MN. 55330 <br />Mr. Barnhart, <br />Due to drastically changed market conditions we would like to request a one year <br />extension on the deadlines to record the Heritage Maples Townhome final plat. Both our <br />proposed lenders and builders are reluctant to proceed with this project at this time. <br />We still believe the Heritage Maples ,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 />delay the start of this project for a short time rather than to have empty developed lots at <br />this site. During the 18 months of the approval process the townhouse mazket 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 />beginning of this development. <br />Landing Development, Inc <br />its . Chuba, CFO <br />~G~~ <br />3- ©d" <br />West Oaks of Elk River, LLC <br />George Sanford, Manager <br />~~~ <br />"3-Co-oB <br />