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Within three months we were able to work out a deal where all creditors were paid in full including the <br />lender holding the original construction loan. We also worked with the new buyer who paid $3.5 million <br />over the original debt providing a profitable development where everyone gets paid. Unfortunately, we <br />had to resort to Chapter 11, but with the dysfunctional lender situation we had no other options available. <br />We could have rolled over and lost this property, but we chose to exhaust all legal means to preserve the <br />asset. I would think that the City of Ramsey would prefer to work with a developer who is committed to <br />the project it starts and is willing to fight for its investors and creditors even if times get difficult. <br />The way we dealt with The Exchange at Brier Creek is how we do business at Flaherty & Collins. We <br />have built our business model on a solid commitment to build apartment and mixed -use projects of which <br />investors, municipalities, and renters can be proud. <br />I firmly believe the last several years have been an anomaly in the real estate world and we will not be <br />forced to endure these bankruptcy -type issues ever again. With The Exchange at Brier Creek we were <br />able to get work through all the issues and create a win -win situation for all involved. <br />Even in these difficult times Flaherty & Collins Properties has well over a $100 million in active <br />development deals including the $20,000,000 development, the blvd at Anson apartments, which many <br />Council Members were able to tour on their Indianapolis visit. We recently closed on financing for that <br />project and construction is well under way. <br />I do not think there as an active developer in the country who has not had lender issues in the recent <br />downturn and we are no different. Nothing in our past is stopping us from getting deals done today. We <br />have a long record of developing, building, and managing award - winning properties across the country <br />and can't imagine that this one deal that fell victim to a perfect storm of a nationwide economic <br />downturn could possibly define where we have been or the direction or company is headed today. We are <br />closing loans and building apartments today. <br />I would be happy meet anyone in person to further discuss the specifics of The Exchange at Brier Creek. <br />Sincere y, <br />r� <br />David Flaherty <br />CEO <br />Flaherty & Collins Properties <br />