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DocuSign Envelope ID:09045E10-F5D6-42B6-8FF2-A20A4107EEDB <br /> SCHIEBOUT FAMILY LIMITED PARTNERSHIP, LLLP <br /> 8445 Bunker Lake Blvd. NW Ramsey, MN 55303 1 763-516-1078 1 emily@schieboutfa.com <br /> August 2nd, 2022 <br /> Sean Sullivan <br /> Economic Development Manager <br /> City of Ramsey <br /> 7550 Sunwood Drive NW <br /> Ramsey, MN 55303 <br /> Dear Sean Sullivan: <br /> We are pleased to let you know that we have concluded the feasibility portion of our <br /> research and, although the report is not complete, the initial draft shows favorable data for us <br /> to pursue the project with the City of Ramsey in developing an extended stay hotel, with a <br /> swimming pool on the proposed site secured through the LOL We are needing to better <br /> assess the costs into the project but have determined that there is demand and a market <br /> that would benefit from what our proposed development is planning. Upon completion of the <br /> feasibility report, we will provide the City of Ramsey a copy of the report from HVS. <br /> With that, we are actively pursuing the process to enter into a purchase agreement with the <br /> City of Ramsey with the intent to present our plan in a timely fashion to the EDA and pursue <br /> the TIF application as specified in the LOI. <br /> Sincerely, <br /> Schiebout Family Limited Partnership, LLLP <br />