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1. How will the project be funded/ managed/ owned? <br />We have two alternatives to select from to acquire the funds to complete the project. <br />A. Venture capital funding: RRH would act as General partner of the real estate <br />development and sales. RRH has partners experienced in all facets of the steps <br />required to bring this project to a successful conclusion. This is going to be our desired <br />methodology as we have complete control of the project. We would negotiate an <br />agreement with an experienced developer/contractor to act as our liaison with other <br />experienced building . It is desirable to offer different building styles and price ranges <br />for the potential purchaser to choose from within the development. The different <br />styles and price ranges will be divided into separate neighborhoods. <br />8. Developer funded. A contractual agreement would be negotiated between RRH and a <br />developer that would be given control of housing portion of the development. The <br />developer would utilize his funding resources to secure the funds to develop the <br />infrastructure. The three property owner groups would sell the platted lots to the <br />developer at a negotiated price <br />The reality of the two scenarios is that the funding and structure will probably be a blend <br />of the two alternatives. Since the current process is conceptual in nature, this is merely a <br />proposed viable methodology to structure the organization and secure the funds for the <br />infrastructure. <br />As the process proceeds from the conceptual phase to a completion of the final plat <br />approval, these two alternatives will possibly change completely. <br />--Rum River Hills <br />2. Why doesn't RRH complete the proposed project on their side of Highway 47 (east <br />side)? RRH has 7.8 acres of land sitting vacant on the north side of their development <br />(east side of 47). The city's property is located on the west side of 47. After deduction <br />of ROW needed for Quicksilver, the City's property is roughly 9 acres (about 1-acre <br />difference). <br />The projects concept is to develop a community with golf carts as the main mode of <br />transportation for transportation to essential services, entertainment and relaxation. <br />The community's population would stimulate the revitalization of the depressed <br />shopping area at 167th and Highway 47 to provide these services. The concept plan <br />requires a large number of homes to be built and seven acres is not enough space to <br />accomadate this goal. The city's land west of Highway 47 has only 6.7 acres of <br />viable residential land as the water tower height requires a 150 % setback. There is also <br />a wetland area on the SW corner of this property as well as a major gas pipeline <br />traversing the property from West to East which precludes any residential development <br />within the area of the pipeline. <br />Page 2 of 4 <br />