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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 1763-516-10781 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 LOI. 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 />ft4ALI Kurt <br />Schiebout Family Limited Partnership, LLLP <br />