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particular sport (i.e. basketball, baseball, etc.). These training centers have become very <br />popular over the past several years and there are several successful examples in the Twin <br />Cities area. MSF has already initiated discussions with existing private organizations <br />which may run this "training center" on behalf of MSF. On this basis, MSF may simply <br />be a landlord and lease its facilities. We will continue to advise the City on the <br />anticipated structure of this relationship as it develops over the next 60 - 90 days. We <br />do, however, plan to make a concerted effort at serving fitness enthusiasts, as we feel <br />this market is available and complilnents our diversification approach. <br /> <br />It is important to understand that the structure and nature of this project may change, somewhat <br />as we proceed over the next several months. As an example, MSF may find a corporate sponsor <br />during its capital campaign which would commit to an amount of funding each year, for several <br />years. Additionally, we have discussed the potential positive financial impact of having MSF <br />having a pull-tab commitment. MSF continues to explore this opportunity. <br /> <br />In any case, we would expect that a development/lease agreement will specify the requirements <br />for equity and on-going operations acceptable to the City. We would expect to work directly <br />with you to complete the project. <br /> <br />Please contact Perry, Al, or myself if you have additional questions. <br /> <br />Sincerely, <br /> <br />Patrick W. Pelstringk <br />Chief Executive Officer <br /> <br />PWP\dp <br /> <br />cc: Dave MacGillivary <br /> <br /> <br />